how much money...

User Forum Topic
Submitted by kev374 on April 11, 2007 - 4:20pm

... do people have for a downpayment? How many people have the $70,000 required for the downpayment and closing costs of a median home right now? Well, this article should be able to answer that question:

Savings situation

Yes, 68% of 25-34 year olds have less than 25k saved up and yet the bulls predict that housing prices are going to rebound shortly. Sure!

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That article describes the
Submitted by Ash Housewares on April 12, 2007 - 8:59am.

That article describes the amount of savings people have set aside for retirement, not the down payment on a home.

Still, I think your overall point that most people don't have that kind of cash laying around is valid.

If one isn't saving, then
Submitted by Bob G on April 12, 2007 - 12:52pm.

If one isn't saving, then their is no need to diferenciate between savings for a down payment, saving for retirement, saving for kids college, or saving for a new car.
It's all moot.

Savings, whats that? Young
Submitted by hipmatt on April 12, 2007 - 1:03pm.

Savings, whats that? Young people don't save, they finance EVERYTHING.

Houses, Cars, School, Furniture, Jewelry, Toys, plus credit cards, they even need financing for a can opener or headphones that they bought from a tv commercial. Financing just gets more creative, and for longer terms. Very few plan on ever paying off their house or even their cars. They are merely renting or leasing the things they purchase, but prefer the EGO that comes along with "ownership" even though you could argue how much ownership they will ever have of many of their possessions.
Which is why the term "Empire of Debt" describes us perfectly.