Don’t let your down payment get you down

Plus, Florida, Westworld and some wacky design inspiration

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  July 23, 2022 | Issue #52

Good morning! This week we're talking about down payments, relocations and carnivalcore. This week's Money Moves was written by Aly J. Yale. The many ways to pay Eddie Lee for Money As home prices rise, so do down payments. And prices? Those have skyrocketed in recent years. They've actually risen so much that a whopping 92% of renters can't afford to buy a house. It's true: The typical down payment — 7% — now clocks in at $27,400, a number nine in 10 renters just don't have on hand. In fact, according to the Harvard Joint Center for Housing Studies, the average renter has just $1,500 in savings. Fortunately, buyers are finding ways around those meager savings accounts. They're selling crypto and used cars. They're crowdfunding. They're even asking sellers for help. As a real estate agent recently told me: "When down payment requirements increase, so does the buyer's creativity." For more: 5 Creative Ways to Afford a Down Payment as Home Prices Soar Some good news: 5 Signs the Housing Market Is Finally Cooling Down Let's all move to Florida Redfin just released a ranking of the top spots for relocators. And out of the 10 most popular cities attracting out-of-towners, Florida claimed a whopping four. Miami took the crown, attracting 11,350 out-of-area buyers in April and May alone. A large swath of those buyers — 21%, to be exact — hailed from NYC. Tampa came in second, with more than 8,700 relocating homebuyers, and Cape Coral and North Port — other Sunshine State cities — took the No. 6 and 7 spots. Who knew sunny weather, affordable home prices and low taxes were in such demand? Here's a look at the full list of top relocation spots: Thinking of relocating? 10 Cities Where It's Getting Easier to Find a House for Sale Don't pay too much: 4 Tips to Avoid Overpaying in Today's Changing Housing Market Your very own Westworld Courtesy of Audrey's Architectural Imaging and Capital City Realty and Property Management HBO's Westworld just returned. Frontier Town just hit the market. Coincidence? You tell me. All I know is you can now own — and live in — your very own frontier village for a cool $1.7 million. The property, which spans 41 acres outside Helena, Montana, was a well-known tourist attraction from 1948 to 2001. Since then, it's served as a private residence — and a one-of-a-kind one at that. Courtesy of Audrey's Architectural Imaging and Capital City Realty and Property Management Built by hand by the property's original owner, the site features a jailhouse, a pond, a lodge, a chapel and even a "Main Street" area with replica pioneer storefronts. There's also a nine-car garage and 42 rooms. The majestic views are the true standout, though. Listing agent Deb Wong told me they're "incredible on a clear day." See the impressive piece of history for yourself. Calling all kids at heart Love bright colors? Not afraid of clowns? I may have just stumbled upon your newest design inspo: Carnivalcore. And yes, it's exactly how it sounds — interior design inspired by carnivals. A little bit modern, a little bit retro and a whole lot of wacky, carnivalcore is apparently trending these days. I found countless design magazines touting its "fun" and "nostalgic" look, coupled with photos of zany rooms full of striped furnishings, canopied headboards and, of course, all the clowns. As someone who grew fearing Pennywise (and any and all sewer drains), it's definitely not my cup of tea, but I'll tell you one thing: It did make for an interesting Google rabbit hole. Happy hunting, P.S. Spot a weird or unique home listing? Share it with me on Twitter, where I'm @alyjwriter, or via email at alyjyale@gmail.com. P.P.S. Have a friend who loves real estate or is looking for a home of their own? Please forward them this email or send them to the Money Moves subscription page. Money's Essential Home Buying Resources: Summer 2022 On the hunt? Check out Money's Mortgage Calculator, list of The Best Mortgage Lenders and look at the latest mortgage rates. Thinking of refinancing? Our list of The Best Mortgage Refinance Companies can help. You can also use our Mortgage Refinance Calculator or these refi tips. Key question: How much house can I afford?

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