Can You Really Afford a $400K House? What First-Time Buyers Need to Know

If you’re looking at a $400,000 house—or even a $300,000 one—this episode is for you.Home prices across the Midwest have climbed steadily, and many first-time buyers are asking the same question: Is it better to keep renting, or is it finally time to buy? In this episode, Brad Connors breaks down the real numbers behind buying a home in today’s market.It’s not just the sticker price. Brad walks through what buyers often overlook:Why you need more than just a 10% down paymentHow closing costs add thousands to your upfront cash requirementWhat today’s interest rates actually mean for your monthly paymentWhy you shouldn’t borrow your down payment from a 401(k)How equity building compares to paying rentFor example, on a $300,000 home, you may need $35,000–$36,000 saved before you even walk into the bank. And at current rates, your monthly payment could land around $2,100. Compare that to rent in many metro areas—and the math starts to get interesting.Brad also cautions against rushing in without a savings cushion or buying with a short-term mindset. If you sell six months later, the only guaranteed winners are the fee collectors.This conversation isn’t about timing the housing market. It’s about preparation, leverage, and making sure your decision aligns with your long-term plan.If you’re debating rent vs. buy, this episode will help you think through the numbers clearly—and avoid costly mistakes.#iWealth #HomeBuying #FirstTimeHomeBuyer #RealEstatePlanning #FinancialPlanning #MidwestHousing #WealthEducationiWealthSUBSCRIBEEducation is first! At iWealth we pride ourselves on helping people make smart decisions when it comes to money. You know how to make money, but do you know how to keep it? Invest it? Manage it so that it works for you? iWealth provides practical thinking tools and structures which will help you achieve your biggest goals and enjoy an unparalleled quality of life.►Please take a moment to comment and let us know what you thought of this video. Want to learn more about how iWealth can help you feel confident about your financial future? Schedule a complementary 30-minute discovery call to get clear on your financial goals, what might be standing in your way, and if iWealth is a good fit for you. Click here to book your call today: https://go.oncehub.com/BradConnors►For more educational tips and wisdom from iWealth:YouTube: https://www.youtube.com/user/iWealthTV/videosFacebook: https://www.facebook.com/iWealth4meLinkedIn: https://www.linkedin.com/in/bradconnors/Podcast: https://anchor.fm/iwealthTwitter: https://twitter.com/iWealth4meBook: https://fishdontclap.com/#home.