Strategies for Aspiring Homeownership: How a 17-Year-Old Can Plan for Buying a Home in the Future

How can a teen or a struggling student start saving for a big goal like a house? These are 3 things they or even YOU can start doing NOW to build up for a sueñito that big! 

1. Establish a goal

Start by understanding how much money you need in order to put in a down payment. You can base yourself on the U.S. median home price. As of 2020, many put down a 20% down payment- $64,000. While this may seem like a scary number, the goal is to have a concrete number to start working towards. This is when a teen’s tí@’s birthday money can slowly become useful or even encouraging to take on side hustles is important.

2. Open a savings account

While you need to be 18 in order to open a savings account, receiving a parent’s blessing can be a huge step forward. If you’re already of age, consider doing it NOW so your money can start obtaining interest. If you’re not sure where to start or what savings account to choose, check out the Dinero Bootcamp which has useful info on how to open a savings account to save for a home!

3. Cut off unnecessary expenses

Change the saving mindset from- I should be saving to I MUST BE SAVING! Unfortunately, this may involve giving up things like going out with las besties for boba, coffee, or even going to the movies. BUT in the long run, it will be well worth it! The change of mindset comes with the support of a community, so remind your primit@s or even yourself that this matters! 

Our goal is to support our familia and all of our wealth-seeking amig@s! Wealth building is something that doesn’t start when you’re older it can really start at a young age! So why not encourage our siblings, primit@s, children, etc. to think about their financial future and a goal such as buying a home? Know that providing the knowledge is the right first step!