• Mamertine@lemmy.world
    link
    fedilink
    arrow-up
    5
    ·
    11 months ago

    gathering the initial deposit

    In the USA, you no longer need a large deposit. Many lenders will go all low as 3% down. You pay extra fees each month when you are under 20% down though. Since most people can’t afford the 20% down, they’re stuck paying more each month.

    Yes, generally in the USA you pay less to own than to rent if you put the 20% down. The other cost of ownership (maintenance and repairs). If you add those in, owning us still usually a bit cheaper. Renting, however, stabilizes the monthly cost.

    • Guntrigger@feddit.ch
      link
      fedilink
      arrow-up
      2
      ·
      11 months ago

      Interesting, I didn’t know about the low deposit requirements. I haven’t really seen it below 10% over here, but it might well be possible.

      It also depends if you’re in cities or not I guess. My first house was in a small city and the rent wasn’t bad there, it was just desirable to buy if possible. The next two cities I lived were capitals and rent is out of control there. Though house prices are too in those situations, so buying a place is usually cheaper but unattainable.