Think home-ownership is something you tackle “later in life”? The data says otherwise.
According to the Federal Reserve, 26% of Americans aged 18 to 29 already own a home. The National Association of Realtors found that 14% of all home-buyers are between 22 and 30. So if you’re in your early twenties and wondering if it’s possible — it is. It happens every day.
I used to think I’d wait until my late twenties, too. I assumed it would be complicated, expensive, and out of reach. But I was wrong — and if you’re reading this, you might be closer than you think
Why Harrisonburg Is a Great Place to Start
Right now, there are 24 homes for sale under $300,000 in Harrisonburg and the nearby parts of Rockingham County. The median price is around $269,990 — a number that’s still within reach for many young buyers, especially when paired with the right loan.
If you’re just getting started, an FHA loan is likely your best entry point.
Here’s What an FHA Loan Looks Like
If your credit score is 580 or higher, you can qualify for a 3.5% down payment. That’s around $9,450 on a $269,990 home.
Local lenders are currently offering FHA loans at 5.99% interest for a 30-year fixed term. Factoring in mortgage insurance, taxes, and homeowners insurance, your total monthly payment lands around $2,036.49.
And yes — that includes the FHA mortgage insurance premium (MIP), both upfront and annual.
Can You Actually Afford That?
Let’s break it down.
Financial experts usually recommend spending no more than 30% of your income on housing. For a solo buyer, that would mean earning about $81,460/year to comfortably afford a $2,036 monthly payment.
But here’s the kicker: if you’re buying with a partner or friend and splitting the cost, you only need to earn $40,730/year each.
According to Zip Recruiter, the average salary for a new college grad in Harrisonburg is $57,606/year. That means if you’re sharing housing costs, you’d only be spending around 21% of your income on housing — well below the affordability threshold.
Why Buying Young Is a Smart Play
Build wealth early: Every mortgage payment builds equity. Every rent payment builds your landlord’s wealth — not yours.
Make it yours: No more landlord rules. Paint what you want, upgrade the kitchen, add a fire pit — it’s your space now.
Pay it off sooner: Buy at 23, and you could be mortgage-free in your 50s. That’s freedom most people don’t get until retirement.
What to Know Before You Jump In
Upfront costs add up: You’ll need that 3.5% down payment, plus closing costs (typically 2% of your loan), plus moving expenses. Budget realistically — and plan for maintenance.
Pre-approval is a must: Before you fall in love with a listing, get pre-approved. It shows sellers you’re serious — and helps you set a clear price range.
Closing takes time: Once you go under contract, expect 30–45 days to close. It’s a process, not a sprint — but it’s worth it.
You Don’t Have to Have It All Figured Out
Buying your first home in your early twenties isn’t about having it all together — it’s about having a plan, asking questions, and staying open.
So, let’s make it happen.
— Luke