{"id":69343,"date":"2026-04-15T16:17:21","date_gmt":"2026-04-15T23:17:21","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=69343"},"modified":"2026-04-15T16:17:21","modified_gmt":"2026-04-15T23:17:21","slug":"buyer-from-renter-to-homeowner","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-from-renter-to-homeowner\/","title":{"rendered":"From Renter to Homeowner: 7 Money Hacks to Make It Happen"},"content":{"rendered":"

Since the start of the pandemic in 2020, Millennials and Gen Zers have watched home prices across the country climb nearly 50%<\/a>. A growing number of these young Americans fear they may be “forever renters.\u201d<\/p>\n

For many future buyers, the biggest hurdle on the path from renter to homeowner isn\u2019t a monthly mortgage payment; it\u2019s saving enough upfront for a down payment and closing costs.<\/p>\n

The good news is, many first-time buyers don\u2019t need the often-cited 20% down,<\/a> and you don\u2019t have to overhaul your entire life to start making progress.<\/p>\n

These seven ideas are designed to help renters build real momentum. You\u2019ll find doable ways to turn your rent checks into house keys.<\/p>\n

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Can You Afford to Buy a House and Stop Renting?<\/h3>\n

If you are a renter who is wondering if you can afford to make the move to homeownership, HomeLight’s Home Affordability Calculator can help you understand the costs associated with buying a home. Find out what safe budgeting looks like for you before you start looking at homes for sale.<\/p>\n \n

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1. Set a real number (not the scary one in your head)<\/h2>\n

A lot of renters assume buying a home means saving a giant six-figure lump sum first. That assumption alone can make the whole goal feel out of reach before you even start.<\/p>\n

According to data from the National Association of Realtors (NAR), buyers ages 26 to 34<\/a> put down a median of 10%. And depending on the loan, some buyers may qualify with as little as 3% to 5% down<\/a>. You\u2019ll also want to think about closing costs<\/a>, which can add up to thousands of dollars on top of your down payment.<\/p>\n

Instead of guessing, get specific. Run the numbers on what homes cost in your area<\/a>, what monthly payment feels realistic, and what upfront cash you\u2019d likely need. Use the home affordability calculator<\/a> below to help you set a target that feels grounded instead of overwhelming.<\/p>\n