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My nephew said nobody under 30 can afford a house and I called it an excuse until I ran his numbers in Fort Wayne
I told him at Thanksgiving that my generation bought homes on one income and he was just bad with money, which felt true right up until he showed me what he clears after rent and a car payment. We sat at his kitchen table for two hours and the math said he would need 11 years to save a 20 percent down payment in Fort Wayne, the exact city where his grandpa bought a three bedroom in 1979 on a warehouse wage. So whose fault is that, the kid grinding 50 hours a week or the folks at the top who say pull yourself up?
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danielw8827d ago
Ran the same math with my own kid last year and it's ugly no matter how you slice it. Only way we got him in was an FHA loan at 3.5 percent down, and even that took him four years of living at home rent free. Tell your nephew to look at first time buyer programs in Indiana, there's down payment help through IHCDA that a lot of people never hear about. Waiting 11 years to save 20 percent is a trap, he needs to be talking to a loan officer now, not in 2035.
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