I think I mentioned a couple weeks ago that there is a young couple moving in next door. They have a six-month old and a seven-year old and they are quite excited about moving into our neighborhood, which they should be since this is such a great family area.
Anyway, at the time that I learned of their move, I thought to myself: how can they afford to buy that house? Sure, the house is not that expensive, but I still wondered how a young couple could find the money for a 10% or 15% down payment? I mean, that’s a lot of cash for a young couple to have, right?
Well, it turns out they don’t have it. LOL The woman’s parents are buying the house, and they are selling it to the young couple for monthly payments. Now it makes sense!
Still, there are many young couples that buy homes, and I still wonder how they do it. If you buy a home that costs $200,000, which is about the median price of a home nowadays, that means a down payment of between $20,000 and $25,000. Where does that come from and how does a young couple making what, $35,000 per year, afford it?
Times they are a’changin’. I know that we face a decision with our home in three years. Do we sell it, or do we rent it out to our kids so they will always have affordable housing. We are probably leaning towards renting it out to them, and then Bev and I will build one of those mini homes on some acreage and be quite happy in the country.
Living Simple in the country, raising some animals and writing. That, my friends, is Nirvana for this boy!