Answers by Jonathan Wallace

You don’t need to wait until you have 20% down to buy a home—in fact, many buyers today put down between 3% and 10% and still make it work comfortably. The most important factors are whether you can afford the monthly payment (ideally close to what you’re already paying in rent) and still maintain a solid emergency fund after closing. While putting less than 20% means you’ll likely pay PMI, it’s often a manageable cost that can be removed later and may be worth it to avoid waiting years while home prices continue to rise. Ultimately, a smart approach is to put down what you can comfortably afford without draining your savings, rather than chasing a 20% goal that may keep moving further out of reach.