While homeownership remains an aspirational milestone for many, there are those who manage to achieve it before even reaching their 30s. What’s their secret?

A netizen recently asked, “People in your 20’s and 30’s, how are you able to own a home?”.

The Original Poster adds, “So I see multiple posts per week talking about how impossible it is for young people to buy their own home. I also see multiple comments from people who are able to do it.

My question to those people is, how are you able to do it? What are you doing differently from your peers? Do you just have a higher-than-average income? Loans from parents? Government programs?”.

Have a look at the top responses below.

Living At Half Our Income

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“I had a full-time job and my wife had a business. We combined maybe $80k but lived like we made $40k. Bought a $310k house for 5% down. The total cost of closing was around $30k and it took us about 2 years to save it up after we got married.”

Years Of Savings

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“Years of savings (around $60,000), two incomes equal to around 90K a year. Barely getting by for a 2 bedroom house, but we did it.”

‘First Time Homebuyers’ program

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“I bought my first house at 21 in 2015. My state had a program called a ‘first-time homebuyers’ program where you took a bunch of classes on budgeting and house care and then you qualified for a low down payment.

I think I put $800 down on a 120k house. Later sold it for 250k. The program still exists in my state but housing is getting harder and harder. Had I not done it right then I’m not sure I would have ever been able to.”

A Profitable Business

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“I’m 24 and getting ready to buy my first home. I started a Handyman business with almost no experience less than a year ago. I’m set to make $17,000 this week.”

Remote Work

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Work online, much easier to scale within a shorter time span.”

Rich Grandparents

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“Rich grandparents. I truly don’t know how other people do it. I’m in my 40’s now but I got a house in my 20’s.”

Perfect Timing

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“I’m 39. We bought it in 2013. Almost the perfect time. Refinanced and dropped PMI right before interest rates got raised. $790 mortgage payment.”

Got A VA Loan

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“I was 28 in 2014 when my wife and I bought our first house. I was active duty military and got a VA loan, which does not require a down payment. Military housing allowance was enough to maintain payments.

I got out of the military after 10 years and am in the process of moving. We are working on selling our old house and buying a new one. The military gave me IT experience, which carried over to the civilian sector.”

Lived Extremely Frugally

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“Lower than average income, a home purchased at 28, no family help after 18-19 (mom loaned me 600 for an apartment initial payment), the home was 380k.

My wife and I lived extremely frugally while our friends were having big weddings going on a vacation every year or upgrading vehicles, we saved up enough for a down payment with the California first home buyer program, and lived with two tenants in rooms we didn’t need(before we bought and took them with us to the new house).

Also instead of a new house in the nicer part of town, we chose a 1950’s home in a fairly backward part of town.”

Took Out Money From My 401k

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“I took out money from my 401k and bought a newly built townhouse. The builder paid for the closing cost so half of my 401k was enough to cover the 5% deposit.

My income is almost the same as the area’s median income so I think it’s mostly because I don’t have a car loan, student loan or credit card debt.”

Invested In Shares

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“Invested in shares over a number of years. I cashed out the profit, which I used for my deposit.

Money is wasted in a savings account. Also, having a 180k salary helps. Wasn’t always 180k though.”

Took An FHA Loan

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“I bought my first home when I was 25.

I just took an FHA loan. This type of loan only requires a 5% down payment.

Just make sure you can afford the mortgage.

It was easy for me because, at the time, my rent was slightly more than the mortgage was going to be. So, I knew I would be able to cover the cost.”

Hefty Inheritance From MIL

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“My mother-in-law passed away from cancer and left a hefty inheritance/life insurance policy to her son (my husband). We are grateful to have this financial help but, sadly, we wouldn’t have been able to afford a home otherwise and through these awful circumstances of losing a loved one.”

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This article was originally published on Mrs. Daaku Studio.

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