"first-time home buyers in the city looking to purchase a home will need to save at least $16,427 a year—or $45.01 per day—for five years in order to afford a median home price of $547,575.
Researchers based their findings on saving for a down payment of $82,136, or 15%."
Your mileage may vary. I did it in less time with $30,000 down on a $390,000 house, but that was also in 2021 with 3.25% interest.
Well, now I’m depressed, because I don’t even spend 45 bucks a day, let alone have the capacity to save that much each day. And I make above 15 dollars an hour, but Jesus, I’m still barely scraping by.
It’s tough on this schedule. Say you get paid every 2 weeks, that’s $630 off the top of every paycheck(!)
That’s a lot if you’re already, you know, PAYING RENT.
For me, I started working from home at the end of 2018 following a heart attack. :( I stopped commuting to and from work, so was really only driving 1 day a week for supplies. I stopped eating out all the time. I stopped paying $21 a day to park downtown for work.
3 years later I had an extra $30,000 in the bank and bought the house. Just under 8% down. My rent had been $1,800/mo. mortgage is $2,000 a month.
Rent on my old apartment is now $2,300 a month(!)