The typical downpayment for first-time home buyers is less than 10%. Someone saving up and doing the same thing first-time home buyers have done for literally decades is not a sign of a broken system
My cousin has been saving for a house down payment for 5 years.
$600 a month. Every single month. No exceptions.
Skipped every vacation. Kept the same car past 130,000 miles. Cooked every meal at home.
Last month she hit $46,000.
Called me excited. Started scheduling tours.
Her realtor sent the numbers two days later.
Median home in her area: $480,000.
She needs $96,000 for 20% down to avoid PMI.
She’s $50,000 short.
After 5 years of doing everything right.
She asked me what she did wrong.
Nothing.
She’s 31. No kids. Stable job. 790 credit score.
And she’s still not enough for a system that keeps moving the target while she’s mid-sprint.