With persistent deflation, that down payment would have to be 100% of the price of the house.
As for right now, you don’t need a 20% down payment for a house. That just avoids mortgage insurance. You can get rid of that once the remaining mortgage is at ~80% of the current value of the house. We got rid of ours in 3 years with a 10% down payment but that was in a booming market in the fastest growing large city in the country. It may not even make financial sense to buy in your area. If it is going to be an extra $1000+/month to buy vs renting, stick to renting and make sure you are filling up your Roth IRA and if you have more, throw it into a savings account which actually bears interest now.
And of course if you are doing something as lavish as eating avocado toast or getting coffee from a coffee shop…keep doing that of it makes you happy. It is not going to really amount to shit.
With persistent deflation, that down payment would have to be 100% of the price of the house.
As for right now, you don’t need a 20% down payment for a house. That just avoids mortgage insurance. You can get rid of that once the remaining mortgage is at ~80% of the current value of the house. We got rid of ours in 3 years with a 10% down payment but that was in a booming market in the fastest growing large city in the country. It may not even make financial sense to buy in your area. If it is going to be an extra $1000+/month to buy vs renting, stick to renting and make sure you are filling up your Roth IRA and if you have more, throw it into a savings account which actually bears interest now.
And of course if you are doing something as lavish as eating avocado toast or getting coffee from a coffee shop…keep doing that of it makes you happy. It is not going to really amount to shit.