Owning a home has long been hailed as the American Dream, but it’s one that comes as a result of hard work and sacrifice — namely, in the form of saving for that down payment. There are plenty of benefits to owning a home, from tax breaks to the stability that comes with not having to answer to a landlord. Unfortunately, a large chunk of younger Americans think homeownership is out of reach. In a new NerdWallet study, 21% of recent grads don’t think homeownership is in their future.
That sentiment is understandable. Right now, there’s a limited number of starter homes on the market, which means much of the inventory out there is expensive and seemingly unattainable on an entry-level salary. Furthermore, many graduates leave college saddled with debt, making saving for a down payment next to impossible.
That said, if your desire is to own a home, and you don’t want to wait until your 30s or 40s to do it, there are a number of steps you can take to increase your chances of meeting that goal. Here are a few to start with.