- Not every first-time home buyer is prepared according to a local Realtor.
- The average realistic cost for first-time home buyers is anywhere from $150,000 to $200,000.
- Video shows what a home first time home buyers can realistically afford.
(The following is a transcription of the full broadcast story)
"I've been looking for six or seven months now," said Henry Nash, a 26-year-old Holt resident who is searching for his first house.
"It's been kind of a struggle because, with everything changing, it's just been tough," Nash said.
Nash said it has been difficult staying within his budget, which is between $200,000 and $250,000.
"I have looked in some places, even out in Holt, but with property tax and everything, it's just too high out there," he said.
Those higher prices led him to a home for sale in downtown Lansing.
"Not everything is going to be perfect, so I had to realize that I can't go in looking for the perfect home because you have to build the perfect home," Nash said.
Nash said he has researched the expenses that come with home ownership.
But according to local Realtor Rochelle Ridgell, not every first-time home buyer is as prepared.
"Sometimes they don't think about things like gas, water, electricity, food. They are focused on that payment," Ridgell said.
Ridgell said the average realistic cost for first-time home buyers is anywhere from $150,000 to $200,000.
In Lansing, there are currently 85 available homes in that price range, she said.
"It isn't just financing, it's work!" she added.
Nash's Realtor, Jaylin Cooper, who primarily works with first-time home buyers, said there are options available to help.
"You've got Habitat for Humanity and MSHDA's first-time home buyer program," Cooper said.
That program offers up to $25,000 to put toward a down payment.
In the meantime, Nash said he is keeping his options open.
"I definitely have some options I am satisfied with, but I always like to keep my eyes open," he said.
More details on resources for first-time home buyers are available below.
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