Why You Need to Put at Least 10% Down On Your First Home (and How to Save It!)

Homeownership is a major personal and financial goal for most young people. It’s also one of the biggest financial challenges. With real estate prices seemingly rising endlessly in the most desirable cities in the US and Canada, it can seem impossible to get a foothold in the market. As a result, many young people panic and rush to buy before they can really afford it. If you can’t afford to put 10% down, you can’t afford a home Sad news everybody: if you’re scraping together 5% to put down on a home (and struggling to even come with that), you’re not ready to become a homeowner. Homeownership is hella expensive, and this is true long after you get the keys to your new place. Virtually everyone focuses on getting together the down payment because it’s the largest upfront expense, but the ongoing costs of owning property — like repairs & […]

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