Decoding Affordability — What People Get Wrong About Buying a Home
Whenever interest rates rise, the first thing people say is, “I can’t afford to buy right now.” “Right Now” can turn into a year, 3 years, 5 years or even more - that’s time you could have used to build equity and financial security for the future. Affordability is a huge concern in Southern California and Arizona, but many buyers don’t realize they have more options than they think.
This is one of the biggest misconceptions. Today’s loan programs make it possible to buy with as little as 3% down. For veterans and first-time buyers, there are programs with zero down. Waiting until you save 20% could delay your purchase for years, while home prices continue to climb.
Myth 2: Rates Are Too High Right Now
Yes, mortgage rates are higher than a few years ago. But remember, rates are cyclical. You can buy at today’s rate, then refinance later if rates drop. What you can’t refinance is the purchase price of the home—waiting could mean paying tens of thousands more as prices rise.
Myth 3: My Income Isn’t Enough
Affordability doesn’t mean buying the biggest home. It means buying a home that fits your current budget and goals. Smaller homes, condos, or properties in developing neighborhoods can be stepping stones to future growth.
Affordability Strategies
Explore state and city down-payment assistance programs in both CA and AZ
Consider “house-hacking”: renting out a room or guest space to offset your mortgage
Work with a lender who understands your full financial picture, not just your credit score
5 Ways Homeownership Builds Security
Steady School Life for Children
Stable schooling improves academic outcomes and creates consistency for kids.
Community Familiarity and Belonging
Staying rooted in one place builds trust, friendships, and support systems.
Proximity to the Lifestyle You Love
Owning allows you to live where your life happens—near work, family, or recreation.
Long-Term Financial Anchor
A mortgage locks in your cost of housing, protecting you from rent hikes.
Generational Security and Legacy
Equity creates wealth that can be passed on to future generations.
The Bottom Line
Affordability isn’t just about numbers—it’s about mindset, strategy, and planning. Don’t let myths hold you back from one of the best ways to build wealth and stability.
Choose Wisely, Reap the Rewards
Homeownership is one of life’s greatest privileges, but working with the right agent is the key to making it smooth, successful, and even enjoyable. Don’t settle for less. Whether you’re buying, selling, or investing, give yourself the chance to work with a true professional.
GoWpNow and The Warburton Team help hundreds of buyers get home every year. We look forward to representing your best interests as a buyer, and we appreciate the opportunity to be of service.
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