Real Estate

Here’s how much money you’ll really need to buy your first home

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If you are thinking about buying your first home, chances are you are saving up for a down payment.

Yet that’s not the only cash you’ll have to come up with before you get the keys to your new place. And once you do, there are costs associated with starting up and maintaining your home.

“It is always more than people think,” said certified financial planner Sophia Bera, CEO and founder of Gen Y Planning, based in Austin, Texas.

For instance, the median sale price of houses sold in the U.S. was $327,100 in the first quarter of 2020, according to the St. Louis Federal Reserve.

Starter homes, however, are typically less expensive. The National Association of Realtors found that the starter…



Source cnbc.com

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