"Even as price growth slows - and falls in some cities - buying a home still feels unaffordable for many people, in part because mortgage rates remain high and down payments are still steep. Redfin reported in October that the average down payment hit a record $70,000 in August. While some people are cutting back on discretionary spending to afford a home purchase,"
"A poster in another thread echoed their skepticism. "I live in a rent-controlled apartment right now. I put $1400 per month into my cash savings fund. I take international trips multiple times a year, in addition to pursuing various fun hobbies and local excursions. I treat my grandparents. I treat my parents," they said. "Is buying a home really worth the lifestyle cut? I can't fathom that it is.""
Home prices have softened or fallen in some cities, but purchasing remains expensive because mortgage rates are high and down-payment requirements are large. The average down payment reached a record $70,000 in August, creating a major barrier for many prospective buyers. Some households reduce discretionary spending and save aggressively to pursue homeownership. Others accept that buying is unrealistic for now and redirect potential house savings toward travel, hobbies, family obligations, and small luxuries that fit current budgets. Renting can be more affordable than buying in many neighborhoods, shaping lifestyle and financial choices.
Read at Business Insider
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