Why everyone's first home should be a duplex
Today Millennials between the ages of 25 and 34 have an average of $78,396
in debt each, according to Experian. This combined with the lack of affordable homes is causing many Americans to rent longer because they do not think they can afford a home. Here are 5 quick reasons why everyone's first home should be a duplex:
- 1. The mortgage for a duplex will be less than rent and less than a mortgage for a typical single-family home.
- 2. You could save thousands of dollars a year and pay off debt or save that money for retirement.
- 3. Have the tenant pay down the loan and have a lot of equity you can access by refinancing or selling the home.
- 4. You will be able to afford a lot more because lenders can use 75% of other sides rent towards your income.
- 5. You must live there for only 1 year, then you can move out and rent out both sides.
Comments (1)
Why do you have to live there for one year? Can you not just buy a duplex and start renting both sides in Minneapolis?
Alex Moseman, over 4 years ago