A recent USA article caught my eye. It was titled “Americans are making big compromises to buy homes.” This sounded like an opportunity for some memberlicious thoughts.
The article references a study by Owners.com, an online brokerage company, approximately three of every five consumers says savings for a home takes priority over savings for an emergency or retirement.
And when you consider that various studies state that around ½ of all Americans could not come up with $500 in an emergency, it’s obvious that cash reserves and saving for a down payment are huge obstacles to home ownership.
Furthermore, the Owners.com study said 69% of the consumers surveyed worry that they won’t be about to have enough money for the down payment.continue reading »