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- Saving up to buy your first home can be daunting, but it’s not impossible.
- We calculated how much money aspiring homeowners need to save monthly to buy a home by the time they’re 35, depending on what age they begin saving.
- We ran these calculations for eight housing price points at two down-payment rates, 10% and 20%.
- We assumed the money is put in a high-yield savings account with a 1.6% annual interest rate.
Saving up for a down payment to buy a house may seem daunting. Compared with baby boomers who bought their first home in the 1980s, millennials buying their first home today might pay about 39% more on average, a study by Student Loan Hero found.
But higher home prices don’t mean that buying your first house is impossible.See the rest of the story at Business Insider
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