Is anyone else just totally frustrated with trying to save up for a down payment? I feel like I'm literally moving in reverse with getting a good cash pile together for a down payment.
So I've been saving about $150 a week for about 4 years now for a down payment, split 50/50 between high yield savings account & a Robinhood account (all index funds). Currently I'm sitting on about $50,000 ready to go, minus the taxes for cashing out the Robinhood account. The problem is that the cheapest property (I'm talking studios) for sale in my city, or anywhere nearby me, is about $450,000.
In the past 2 years, my down payment fund has gone from about $30,000 to $50,000, a healthy increase. However, homes have increased so much in the same time span that I'm literally further behind on buying a home than I was before. A house I was eyeing has gone from $445,000 to $660,000 in the past two years. Not to mention, even if I did save up somewhere in the range of 15-20%, I'm still fighting off all-cash same day offers.
I'm torn between cutting my 401k contribution and going all in on the down payment, or moving my entire down payment fund into Robinhood to keep up with the housing increases.
Anyone else in the same boat?
Submitted April 11, 2021 at 12:07AM by TrixoftheTrade https://ift.tt/3g1B9dG
