Owning your own humble abode is one of the most important factors in the context of the American dream, right? And it’s not because this is another achievement you may accomplish, or something to show off to your friends and neighbors. No, it’s simply a very relevant desire for humankind to make a stable life and be sure that it has a place to return after a difficult day and get disconnected from the outer world. But in today’s economic climate, that dream often feels more like a far-off fantasy for many, when housing costs are skyrocketing but the wages don’t get high enough to keep up with the price changes.
What we see analyzing the published statistics, only a little more than 65% of Americans own their homes. The rest of the population is trying to find an affordable rental house and dream about owning their own one day.
But this doesn’t mean that we need to put aside our dreams of owning an amazing and cozy corner for our lifetime. Fortunately, science has created many methods of saving and managing finances in order to purchase what would seem impossible with a limited budget. This article is here to shine a light at the end of that home-buying tunnel, so let’s get into it and discuss some important aspects of the topic.
What is the definition of a best house?
When we think of dream homes, our minds instantly get occupied by visions of gigantic mansions – some of the best houses in the world and the kind of high-roller real estate that only an A-lister could afford. For instance, celebrities like The Rock and 50 Cent live it up in palaces valued at tens of millions of dollars, which the media talks about all day long. But let’s be real here – for the average human, that kind of square footage is about as achievable as snagging a starring role in the next Fast & Furious flick.
Because at the end of the day, a true “best house” has nothing to do with grandiose amenities or cavernous square footage. It’s about creating a space that just feels like home. A sanctuary of comfort, security, and cherished memories.
I like bringing the example of my humble origins, truth be told. My first place was a shoebox of an apartment barely bigger than a walk-in closet. But with some strategic furniture and a whole love towards my own space, that tiny space became the coziest haven someone could ask for. Well, maybe not that much cozy but anyway. Jokes aside, it’s very important how much passion and dedication you invest in your new space.
Why not live outside the city?
Look, I get it – the allure of living amidst the hustle and bright lights of a major metropolis is strong. That invigorating urban essence, endless amenities at your fingertips, and unbeatable proximity to, well, everything. But here’s the hard truth – big city living comes with a big city price tag slapped onto it.
According to the data, median home prices in many US urban centers have soared well into the $500K-700K range, with no signs of letting up, and the median price is around $400K. Chase that same American dream just a few miles outside the crowded city, though? You’re looking at prices that are literally half that, if not less. On the contrary, if you take a quiet suburb in Chicago’s far-flung exurbs, for example, a quaint 3-bed, 2-bath abode will run you around $300K max in an area like Oswego.
And sure, moving away from the bright lights means trading some city slicker amenities for a bit of suburban sleepiness. But it also means scoring major “ahhh” factors like way cleaner air, amazing parks, and an overall slower pace of living.
Look for special programs
Here’s an insider tip that could be your ticket to homeownership: keep your ear to the ground regarding special mortgage and assistance programs offered by lenders and housing companies. There are more of these unique opportunities floating around than you might think, aimed at helping folks in different life situations, given their profession, social status, etc. to ensure that you are not getting a personal loan when you needed a well-tailored mortgage for your housing needs.
For instance, many banks and credit unions offer attractive mortgage incentives for first-time and younger millennial buyers. We’re talking major perks like ultra-low interest rates, down payment assistance, and serious leniency on credit score/debt-to-income requirements. All exclusive offers designed to give newcomers a leg up.
Then there are programs tailored specifically towards vets, teachers, law enforcement, and other public servicemen and women looking to stake their claim. These heroes get VIP treatment in the form of VA loans offering $0 down and a good amount of interest savings.
The moral of the story? Whether you’re a bright-eyed millennial, or a hard-working civic employee, do your due diligence. Tap into those niche loan products and mortgage subsidies, because personalizing your path to homeownership can save you thousands upon thousands of hard-earned dollars in the long run. Every little bit matters when money is tight.
