Wondering How to Save For a House While Renting? Use These Tips!

Playing “house” was always one of those childhood moments where we could feel like a grown-up. We could section off corners of houses (or claim a whole room as the “house”) and do adult things like clean, cook, and even have “children”! The best part is, we didn’t have to pay one cent! (Well, maybe a few pieces of candy or handing over some play money.)

If only buying a real house were that simple. Unfortunately, it’s not.

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Depending on what state you live in, the median price could be as low as $241,000 for a single-family residential home in Iowa, or as much as $1,195,000 in the District of Columbia. That’s a long way from a few pieces of candy or play money!

As expensive as buying a house is, it’s not surprising that 34% of households are renters. However, renters renting one-, two-, and three-bedroom units have seen an increase in rent over the past three years, and in some areas, it may be cheaper to buy than it is to rent.

There are a number of reasons why a renter would want to buy a house, but the problem many renters face is figuring out how to save for a house while renting. Many aren’t sure where to even start, let alone how much money they need to save to cover closing costs, home inspections, and so on.

If you’re struggling to save for a house while renting and aren’t sure how you can maximize your down payment, we have a few ideas that can help.



from HomeLight Blog https://www.homelight.com/blog/buyer-how-to-save-for-a-house-while-renting/

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