… 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:
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 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.
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