Log In

Your email is not your username

Register

If you were a member of the old Bodybuilding.com forums and would like to reuse your previous username, you can request it below. We use your email only for registration and do not store it. For more information, please see our Privacy Policy.

Confirm your email

A registration code was sent to your email. Enter it here.

Welcome

You have successfully setup your account.

Sign in

Quick Navigation Bottom Misc
Forum » Do you think most people put down 20% when buying a home?
  1. Results 1 to 30 of 36
  2. Page 1 of 2
  3. 1
  4. 2
  6. Last

Thread: Do you think most people put down 20% when buying a home?

post 1694428013 12-05-2023, 07:50 PM
-
#1
  1. TugOfPeace
  2. 1012 ng/dl
  1. TugOfPeace
  2. 1012 ng/dl
  3. Join Date: Oct 2013
  4. Posts: 4,986
  5. Rep Power: 166022

Do you think most people put down 20% when buying a home?

Just looking at how many people own pretty expensive homes these days, and observing their spending habits, it's hard to imagine people being able to afford $500k+ homes because that means they managed to save up $100k+ cash.

Is this generally the case or are people putting down like 5% typically?

I'm not talking about people buying cheap homes, I'm talking $500k+.

Reason I ask, is because saving that much money given the spending habits of the average american seems unlikely. Most americans finance their cars at retarded interest rates and have way too much credit card debt. How are they affording these downpayments? Is it usually that they have dual income which makes it easier?
Monster0ultra self proclaimed "Chad" face pic looks like vtech school shooter: https://i.imgur.com/z2m6Why.jpg
post 1694428083 12-05-2023, 07:52 PM
-
#2
  1. 1320it
  2. Registered User
  1. 1320it
  2. Registered User
  3. Join Date: Dec 2019
  4. Age: 56
  5. Posts: 769
  6. Rep Power: 8612
5% down is barely any equity in the home.

People put 5% down because they don't have the 20% and maybe its cheaper than rent in the area they live.
post 1694428133 12-05-2023, 07:53 PM
-
#3
  1. JackyChin
  2. Registered User
  1. JackyChin
  2. Registered User
  3. Join Date: Nov 2023
  4. Age: 56
  5. Posts: 3,042
  6. Rep Power: 14673
No, but their parents do
post 1694428193 12-05-2023, 07:54 PM
-
#4
  1. GarfieldTheCat
  2. Banned
  1. GarfieldTheCat
  2. Banned
  3. Join Date: Dec 2023
  4. Age: 56
  5. Posts: 606
  6. Rep Power: 0
No. The vast majority of people who come up with 20% cash down for a house either have their parents helping them, or rhey're changing houses and immediately dropping their equity on the old house into a big downpayment for a new one. Other than those, most people aren't putting massive amounts of cash down on homes.
post 1694428683 12-05-2023, 08:06 PM
-
#5
  1. HateLiberals
  2. Registered User
  1. HateLiberals
  2. Registered User
  3. Join Date: Jul 2022
  4. Age: 56
  5. Posts: 14,808
  6. Rep Power: 129650
Originally Posted By JackyChin⏩
No, but their parents do
This usually
post 1694428823 12-05-2023, 08:09 PM
-
#6
  1. TugOfPeace
  2. 1012 ng/dl
  1. TugOfPeace
  2. 1012 ng/dl
  3. Join Date: Oct 2013
  4. Posts: 4,986
  5. Rep Power: 166022
Originally Posted By 1320it⏩
5% down is barely any equity in the home.

People put 5% down because they don't have the 20% and maybe its cheaper than rent in the area they live.
My dad put 5% down on a home in Texas a couple years ago, and it appreciated 50% atleast since then. I agree though, that's hardly any equity.
Monster0ultra self proclaimed "Chad" face pic looks like vtech school shooter: https://i.imgur.com/z2m6Why.jpg
post 1694428913 12-05-2023, 08:12 PM
-
#7
  1. stevemckenna
  2. Registered User
  1. stevemckenna
  2. Registered User
  3. Join Date: Dec 2011
  4. Posts: 23,289
  5. Rep Power: 137230
I put 25% down because fuk you.
post 1694428953 12-05-2023, 08:13 PM
-
#8
  1. texanchris
  2. Registered User
  1. texanchris
  2. Registered User
  3. Join Date: Aug 2011
  4. Age: 32
  5. Posts: 560
  6. Rep Power: 7166
Im trying to save 20% for my first home. Illinois housing prices not making it easy though
post 1694428963 12-05-2023, 08:13 PM
-
#9
  1. kimm4
  1. kimm4
  3. Join Date: May 2008
  4. Location: Massachusetts, United States
  5. Age: 57
  6. Posts: 56,763
  7. Subscribers: 7
  8. Rep Power: 1201389
This is the misc. Just LOL if you're not buying all your homes and cars in cash...
National Level Competitor (Female BB)
post 1694429193 12-05-2023, 08:17 PM
-
#10
  1. ~Hades~
  2. True Patriot Crew
  1. ~Hades~
  2. True Patriot Crew
  3. Join Date: Dec 2007
  4. Posts: 26,187
  5. Rep Power: 695527
I sell about 70 houses a year and no most people do not put down 20%. Most put down the absolute least which is anywhere from 0-5%
Royal Crew
Chiefs Crew
Festivus Cew
post 1694429283 12-05-2023, 08:19 PM
-
#11
  1. TugOfPeace
  2. 1012 ng/dl
  1. TugOfPeace
  2. 1012 ng/dl
  3. Join Date: Oct 2013
  4. Posts: 4,986
  5. Rep Power: 166022
Originally Posted By ~Hades~⏩
I sell about 70 houses a year and no most people do not put down 20%. Most put down the absolute least which is anywhere from 0-5%
Wtf. Isn't that a ridiculously high payment these days though? Say I buy a home for $700k in a few years, 5% down would be $35,000. At 7% interest that's a $4,400 payment not even considering utilities, PMI, and property tax.
Monster0ultra self proclaimed "Chad" face pic looks like vtech school shooter: https://i.imgur.com/z2m6Why.jpg
post 1694429473 12-05-2023, 08:24 PM
-
#12
  1. Jasonw1178
  2. 5'3" 300lbs Fudge Rounds
  1. Jasonw1178
  2. 5'3" 300lbs Fudge Rounds
  3. Join Date: Dec 2012
  4. Posts: 44,104
  5. Rep Power: 271274
No. Jooze making a killing selling PMI insurance.

One thing about governments is that no matter what law they pass outside of capital crimes, there is usually a monetary way around those laws.
post 1694429633 12-05-2023, 08:27 PM
-
#13
  1. Lefticle
  2. Registered User
  1. Lefticle
  2. Registered User
  3. Join Date: Jan 2011
  4. Height: 6'1"
  5. Weight: 225 lbs
  6. Posts: 29,430
  7. Subscribers: 1
  8. Rep Power: 571788
Depends on the market. It all depends on your risk coefficient. 7 years ago? I put 3-5% down. This market? Definitely 20%.
Always Neg Back Crew.
post 1694429783 12-05-2023, 08:29 PM
-
#14
  1. kimm4
  1. kimm4
  3. Join Date: May 2008
  4. Location: Massachusetts, United States
  5. Age: 57
  6. Posts: 56,763
  7. Subscribers: 7
  8. Rep Power: 1201389
Originally Posted By TugOfPeace⏩
Wtf. Isn't that a ridiculously high payment these days though? Say I buy a home for $700k in a few years, 5% down would be $35,000. At 7% interest that's a $4,400 payment not even considering utilities, PMI, and property tax.
I'm guessing people buying $700k houses are able to put more down if you're spending that kind of $$.
National Level Competitor (Female BB)
post 1694430143 12-05-2023, 08:43 PM
-
#15
  1. ~Hades~
  2. True Patriot Crew
  1. ~Hades~
  2. True Patriot Crew
  3. Join Date: Dec 2007
  4. Posts: 26,187
  5. Rep Power: 695527
Originally Posted By TugOfPeace⏩
Wtf. Isn't that a ridiculously high payment these days though? Say I buy a home for $700k in a few years, 5% down would be $35,000. At 7% interest that's a $4,400 payment not even considering utilities, PMI, and property tax.
At 700k the 5% down vs the 20% down is a difference of about $700. So probably not make or break for someone in that price range so it falls into the category of if they can make that money work harder than their interest rate, they will

I wanted to go back to edit my post to say that, in general, the higher the price point, you’re going to have people put down more because they have the means to but it’s not the rule.

Wealthy people use leverage to their advantage.
Royal Crew
Chiefs Crew
Festivus Cew
post 1694430273 12-05-2023, 08:45 PM
-
#16
  1. ~Hades~
  2. True Patriot Crew
  1. ~Hades~
  2. True Patriot Crew
  3. Join Date: Dec 2007
  4. Posts: 26,187
  5. Rep Power: 695527
Originally Posted By kimm4⏩
I'm guessing people buying $700k houses are able to put more down if you're spending that kind of $$.
Yes and no. The smart ones do. But after a while you find out that most people spend as much as they can and max out their budgets. Doesn’t matter if it’s a 70k buyer or 700k.

Early on I was very surprised by who could write checks for homes and who got loans. You just never know.
Royal Crew
Chiefs Crew
Festivus Cew
post 1694430483 12-05-2023, 08:50 PM
-
#17
  1. friesbruh
  2. Registered User
  1. friesbruh
  2. Registered User
  3. Join Date: Mar 2017
  4. Location: Ohio, United States
  5. Age: 41
  6. Posts: 15,154
  7. Rep Power: 162706
highly doubt it. most are probably 0 3.5% or 5% down.
Bills crew / Bud Light crew / extra onion crew / M&P crew / lcp2 crew / ap3 crew / Trump crew / mcdonalds app crew / cat-owner crew / Tin Cup crew / self-checkout crew / country music crew / RIP snails crew / 214CE crew
post 1694430833 12-05-2023, 08:56 PM
-
#18
  1. LuigiMiami631
  2. Registered User
  1. LuigiMiami631
  2. Registered User
  3. Join Date: Mar 2023
  4. Age: 56
  5. Posts: 7,868
  6. Rep Power: 36894
Just lol at people putting down money. People right now can barely afford shiit because of their spending habits.

IF they are putting money down it is because they do OF or they sell drugs. Not because they have a good job.

Either that or you have the government offering their program of like 0% or something low down to get a mortgage. It is a program in California where they want lower income individuals to afford a home.

Lmfao, fuking california.
post 1694430923 12-05-2023, 08:57 PM
-
#19
  1. Legendsneverdie
  2. Registered User
  1. Legendsneverdie
  2. Registered User
  3. Join Date: Aug 2007
  4. Age: 40
  5. Posts: 13,471
  6. Rep Power: 97119
i just buy cash
IF YOU DONT SQUAT, YOU AINT SQUAT
post 1694431013 12-05-2023, 08:59 PM
-
#20
  1. sf813
  2. Registered User
  1. sf813
  2. Registered User
  3. Join Date: Jan 2016
  4. Posts: 6,637
  5. Rep Power: 36130
They put much lower down payment for their initial home. But as the house value increases, they were able to sell it and use that money for the larger down payment
post 1694431063 12-05-2023, 09:00 PM
-
#21
  1. Zelensky
  2. GOAT miscer
  1. Zelensky
  2. GOAT miscer
  3. Join Date: Dec 2022
  4. Posts: 13,915
  5. Rep Power: 166374
I thought you HAD to put 20% down until I was like 25. I wish I knew that wasn't true earlier, I'd have bought in San Diego when I moved there in 2013 and it was still semi affordable
post 1694431193 12-05-2023, 09:03 PM
-
#22
  1. Nocturnal310
  2. F*ck Joe Biden
  1. Nocturnal310
  2. F*ck Joe Biden
  3. Join Date: Oct 2009
  4. Location: New York, New York, United States
  5. Posts: 19,082
  6. Rep Power: 45402
the main reason people put 20% down is you avoid paying mortgage insurance (PMI). you can also downpay less like 5-10% and then pay up mortgage insurance in single payment as opposed to interest rate based monthly payment.

the way i see it is you pay enough downpayment to make your monthly payments you can afford after other expenses and then have enough for 6-12 months in case you ever lose job or emergency bills.
F*ck Joe Biden

"Your problem is you spent your whole life thinking there are rules. There aren't. We used to be gorillas. All we had is what we could take and defend." - Lorne Malvo

“I'll do anything usually if there's money involved and little work.” — Daniel Tosh

Chef Crew | NYC Crew | Knee Draggers Crew | Wristwatch Crew
post 1694431493 12-05-2023, 09:11 PM
-
#23
  1. TomPaine
  2. Registered User
  1. TomPaine
  2. Registered User
  3. Join Date: Dec 2020
  4. Posts: 12,031
  5. Rep Power: 103471
I think anything under 20% automatically triggers PMI insurance, so selling that is probably the business to be in right now.

So imagine the bigger mortgage because of financing the entire amount, plus the PMI insurance, regular escrow, etc... wow, that must really as up to a high payment.

The right thing is always been to buy a house which comfortably is within your means and if you want to upgrade later on after building some good equity to roll into a next one, then do so. But most people always live on the edge of bankruptcy.
post 1694431533 12-05-2023, 09:12 PM
-
#24
  1. TugOfPeace
  2. 1012 ng/dl
  1. TugOfPeace
  2. 1012 ng/dl
  3. Join Date: Oct 2013
  4. Posts: 4,986
  5. Rep Power: 166022
Originally Posted By Nocturnal310⏩
the main reason people put 20% down is you avoid paying mortgage insurance (PMI). you can also downpay less like 5-10% and then pay up mortgage insurance in single payment as opposed to interest rate based monthly payment.

the way i see it is you pay enough downpayment to make your monthly payments you can afford after other expenses and then have enough for 6-12 months in case you ever lose job or emergency bills.
I'm targeting a $700k home or so in a few years. Thinking to put $200-300k down between myself and whoever I'm banging at that time.

I'm just surprised that more people buy homes taking on such risk. 5% down, high interest rate, unstable job.. wtf. I wouldn't be comfortable buying a home unless I could easily survive for a couple years with no income AFTER purchasing it.
Monster0ultra self proclaimed "Chad" face pic looks like vtech school shooter: https://i.imgur.com/z2m6Why.jpg
post 1694431653 12-05-2023, 09:15 PM
-
#25
  1. EvanStroud
  2. 88 IQ
  1. EvanStroud
  2. 88 IQ
  3. Join Date: Sep 2013
  4. Location: California, United States
  5. Posts: 2,430
  6. Rep Power: 20455
Lmao if you're not putting 20% down in cash and the other 80% down in cash.

Enjoy being a mortgagecel
Change sig every day crew
Lost is the best TV show of all time crew
10+ year miscer crew
Drop pants to the ground at the urinal crew
In Christ alone my hope is found crew
6'2" master race but use the little urinal crew
Too many crews in my sig crew
post 1694431683 12-05-2023, 09:16 PM
-
#26
  1. kimm4
  1. kimm4
  3. Join Date: May 2008
  4. Location: Massachusetts, United States
  5. Age: 57
  6. Posts: 56,763
  7. Subscribers: 7
  8. Rep Power: 1201389
Originally Posted By TugOfPeace⏩
I'm targeting a $700k home or so in a few years. Thinking to put $200-300k down between myself and whoever I'm banging at that time.

I'm just surprised that more people buy homes taking on such risk. 5% down, high interest rate, unstable job.. wtf. I wouldn't be comfortable buying a home unless I could easily survive for a couple years with no income AFTER purchasing it.
Why so much? Is that normal for homes in your area?
National Level Competitor (Female BB)
post 1694508853 12-07-2023, 09:13 AM
-
#27
  1. Nocturnal310
  2. F*ck Joe Biden
  1. Nocturnal310
  2. F*ck Joe Biden
  3. Join Date: Oct 2009
  4. Location: New York, New York, United States
  5. Posts: 19,082
  6. Rep Power: 45402
Originally Posted By kimm4⏩
Why so much? Is that normal for homes in your area?
its normal for really good homes in most suburbs i feel...look at any 5 bedroom plus with good materials used in construction and not wooden frame homes and price goes up..more stones, better bigger driveways and demographic of neighbors etc.
F*ck Joe Biden

"Your problem is you spent your whole life thinking there are rules. There aren't. We used to be gorillas. All we had is what we could take and defend." - Lorne Malvo

“I'll do anything usually if there's money involved and little work.” — Daniel Tosh

Chef Crew | NYC Crew | Knee Draggers Crew | Wristwatch Crew
post 1694509003 12-07-2023, 09:18 AM
-
#28
  1. meanstringbean
  2. Registered User
  1. meanstringbean
  2. Registered User
  3. Join Date: Mar 2019
  4. Age: 56
  5. Posts: 11,550
  6. Rep Power: 58418
most people buy near top of their budget and certainly not 20% down. Maybe at most 10%.

The number the bank gets you is closer to double what you should actually buy. The average American consoomer though sees the most a bank is comfortable lending them as 'I can afford this', tries to fit that in with their already existing monthly car payment, and then cry about inflation and whoever is president for their own mistakes
post 1694509023 12-07-2023, 09:18 AM
-
#29
  1. dopamine72
  2. Endorphin Junkie
  1. dopamine72
  2. Endorphin Junkie
  3. Join Date: Apr 2009
  4. Location: California, United States
  5. Posts: 32,991
  6. Rep Power: 228656
30% down crew

Mortgage significantly lower + major equity the last 3 years since Covid

No way I'd put less than 20% down on a house
Journal: https://forum.obnoxiousbrutes.com/showthread.php?t=139898123&page=240
post 1694509313 12-07-2023, 09:24 AM
-
#30
  1. Austanian
  2. IDDQD
  1. Austanian
  2. IDDQD
  3. Join Date: Jul 2009
  4. Location: Coeur D Alene, Idaho, United States
  5. Posts: 22,120
  6. Rep Power: 89692
For the first home almost no one does. For the second home the 20% is much more common.
  1. Page 1 of 2
  2. 1
  3. 2
  5. Last
Quick Navigation Top Misc
Bookmarks
Digg.com
Digg
del.icio.us
del.icio.us
Stumbleupon.com
StumbleUpon
Google.com
Google
Facebook.com
Facebook
Posting Permissions
  1. You may not post new threads
  2. You may not post replies
  3. You may not post attachments
  4. You may not edit your posts