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I bought a house I didn't really want recently because my rent had gone up 50% in the previous two years, and was going to go up another 10% if I renewed again. Prices are out of control.
Same here. I was looking at renting and the cheapest apartment I could find was the same cost as a mortgage on a house. So I just bought a shitty house that I still can't afford but I guess I'm at least building equity so that's nice.
Doesn't that require you to have tens of thousands of dollars for a down payment?
For a first time home owner mortgage you can put 0% down. You just also have to pay for "private mortgage insurance" until you have 20% equity in the house and that insurance is not cheap so the more you can put down the better.
In my case I think the PMI costs me almost $200 per month but I think it's based off the value of the home and mine was dirt cheap. I'm also lucky in that my dad is a carpenter and taught me how to do most of that stuff so I had the option of buying an absolute shitheap and making it livable on my own. I had also been working constant overtime for a year straight while living in my dads basement so I did have a bit of cash saved up, but most of that money went into repairs on the house I bought rather than the down payment. I also live in a very low COL area so my house was way cheaper than it is in most of the country.
So I'm definitely not saying "why doesn't everyone just buy a house?" Because I was just very lucky in a lot of respects. But buying a house is more feasable than most people think it is. You definitely don't need to put 20% down; doing that is only really expected if you're selling your current house to buy another or if you're buying a second house.
A tiny condo where I live costs half a million dollars. You cannot buy a house for under a million