If you’ve ever wondered if you could live the American dream for less money than you’ve spent on an expensive home, now you know.
For a lot less than what you might spend on an apartment, a new report from Forbes has shed some light on where that might be.
Read moreRead the storyThe report looked at whether buyers could pay a bit more for a home than they might pay for an apartment or condo, as well as whether or not they could afford to purchase the same property for less.
If they could, it meant they could live on average to pay off their mortgage.
The data from the analysis showed that people who had less than a $50,000 down payment were able to buy a property for about $5,000 less than someone with the same down payment.
The median home price was $250 million, with the median price of an individual home at $1.3 million.
If you can afford a lower-priced home, you could be able to live the life of a wealthy, high-earning millennial who is living on a $1-million, 2,500-square-foot home, Forbes reports.
For example, the median income for a millennial was $75,000.
The analysis also looked at how the market compares to a similar property that was a little pricier.
The report found that if a property sold for $1,000 more than it was listed for on the MLS, the buyer would still pay about $7,000 to move in.
If a property had a 10 percent discount on its asking price, a $2,500 down payment, and a 10% down payment on the mortgage, the average cost of a $100,000-plus home was $1 Million less than the median.
The median price was just $1M cheaper, but it would still cost about $8,000 per month to live there.
The average home price for a $300,000+ home was about $1K less, with an average monthly payment of $1k.
If you can put off buying a home and move in with a roommate, you’d have the opportunity to live to your fullest financial potential, according to the report.
But you don’t need a lot of money to buy this type of property.
You just need to be willing to spend a bit less on your house.
Read the report