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Renters everywhere are feeling the constraints of rising rents. Higher rents erode your ability to save the cash you need to buy a home. Your living situation becomes a Catch-22: the longer you rent, the bigger percentage of your discretionary income you may need to save to offset rent increases.
Saving up to buy a home is no easy feat. You typically need at least a minimum of $20,000 to cover a down payment plus closing costs. That’s because you’ll need at least a 3.5% down payment to qualify for a mortgage and closing costs can be around $7,000 to $10,000 (about 2% to 3% of the purchase price). This goes without saying, but the higher the home price, the more funds you will need for the down payment.
https://www.realtor.com/advice/finance/how-to-save-for-a-home-when-all-your-money-is-going-toward-rent/
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