Renting forever probably isnt your dream, but buying your first home is really intimidating.
Its only one of the biggest purchases of your life, right?
Way bigger than a car.
The main problem is saving for your first home is a huge barrier to overcome.
Rising home prices make it tough for people like you to save enough money for that crucial down payment.
Luckily, now theres an app for that.
Digs is the only savings app thats designed specifically for first-time homebuyers.
Youre getting rewarded for putting money away, and you could learn a little at the same time.
Heres How Renters Can Afford to Buy
Homeownership is still a big part of the American Dream.
But for too many, its out of reach.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Theres a huge savings crisis in the United States, says Chad Johnson, Digs other co-founder.
Those are the people were trying to help.
you’re able to also link with your significant other to save together.
How Much Will it’s crucial that you Save?
The median home price in the U.S. is $193,500, according to the latest U.S. Census Bureau data.
Government loan programs for new buyers allow as little as 3% to 5% down.
But even thats a big chunk of change.
Youll also need to pay closing costs.
As a rule of thumb, closing costs run from 2% to 5% of your loan amount.
Theres no time like the present.
The sooner you start, the better.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
He has bought two homes in his life.
It sounds appealing right?
Check it out here!
