Even with the home price went down around 30% I think it is more difficult for me to buy right now compared to 2006 (5-10% down era) mainly because I don’t have enough for a 20% down. Most of my friends who don’t already own homes are in the same boat. We can make the monthly payment but we don’t have the 20% down payment.
For example, if I buy a $500K home, I would need to have $120-$130K in cash. We are trying to save but probably still 3-4 years away.
So I think bottom or not, most young couples can’t afford a decent house right now.
