Here's how much you need to save to afford to buy a home. via CNBCMakeIt
The cost of buying a home is on the rise. In the last 10 years alone, prices have increased in almost every major U.S. city, according to home investment company Unison's 2018 Home Affordability Report.
Next, figure out how much home you can afford, based on your current income, expenses and future goals. Keep in mind that just because you can afford a bigger space doesn't mean you necessarily need one, and more space can mean higher real estate taxes. "You're going to be lowering your monthly payment in the future, and you also have a buffer," she tells CNBC Make It."If housing prices decrease and you need to sell your home, you're not going to be as much underwater if you have more of that equity in the home up front."
"What's to say that a week after closing, the company you work for goes bankrupt and you lose your job, or something like that?" Derus says."You want to make sure that you have additional money set aside, just in case something happens."Chances are, your house won't be perfect on move-in day. Whether it's adding a fence or getting rid of that garish yellow paint in the living room, you'll want to have cash ready for repairs and maintenance.
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