Young people Down Payment
Most young singles or couples begin adult life by renting a one or two bedroom apartment. Then they save up for a down payment on a house. Some are able to do that, some are not. Prices are different across the country. You generally need 10% or 20% of the purchase price for a down payment. The rest becomes a mortgage with monthly payments. Rent for a one bedroom apartment ranges from $900-$2,00/ month depending on whether you are in a big city or a smaller town in the center of the country. Charts show that people age 25-34 years old average about $55,000/year.
