Buying A $140K Condo In Austin, Texas | Millennial Money
March 5, 2020
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6:09Now PlayingBuying A $140K Condo In Austin, Texas | Millennial Money
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as posted by the channelBryce Dishongh, 37, purchased a 600 square-foot condo in Austin, Texas for $140,000, with a down payment of just $6,000, or about 4.2%. “The primary reason I wanted to buy a condo is because rent fluctuates,” he tells CNBC Make It. “I wanted to stay at the same rate for the foreseeable future.”
This is the latest installment of Millennial Mortgage, which profiles first-time buyers across the U.S. and details how they purchased their homes.
Read more about Bryce's home buying process here:
Dishongh earns just over $100,000 a year between his full-time job as a senior front-end developer and his multiple side gigs, which include his pet portrait business and working part-time at a doggy day care. He’s lived in Austin for about 17 years, and has no plans to leave: He’s built a community of friends here, is close to family and loves that the city is constantly changing.
“It’s my comfort zone, but it keeps growing,” he says. “I can go and experience new things on a daily basis.”
But unlike many homeowners, Dishongh didn’t dream of owning his own place or spend years saving up for a down payment. He simply realized that it made more financial sense for him to take on a fixed mortgage payment, rather than watch his rent continue to escalate. One day, he called up a realtor friend and immediately started looking at places.
At the time, Dishongh was paying $1,200 a month to rent an apartment and wanted a place that would cost around the same, including extras like property taxes and homeowners association fees, but stay consistent over time. He had enough in savings that he could comfortably cover a small down payment.
He looked at about 10 homes in Austin, but “what I was seeing was a lot of overpriced, investor-bought places that they were trying to flip, and I didn’t want to be that sucker,” he says.
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Buying A $140K Condo In Austin, Texas | Millennial Mortgage
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