2021-04-02 — cnbc.com
Ten days before the couple was set to close on their house, their original lender told them they could no longer do a 10% down payment as originally promised and needed to put down 20% of the roughly $450,000 home price. The couple switched lenders, but with the clock ticking, their parents stepped in to help make up the difference in what their savings would not cover.
"If we had come out [of school] with good jobs, it wouldn't have been an issue," Jang-Busby says. He graduated from college in 2008, at the start of the Great Recession and had to take "odds-and-ends jobs" because he wasn't able to find full-time, decent-paying work.
"I come from a middle-class family where we thought law school was the winning ticket," he says. "I had the expectation that I was going to come out of law school and be able to pay my loans, but that was not the reality." Despite moving up the legal ladder and becoming a partner in a firm, he still owes about $150,000 on his student loans.
"At graduate-school prices, it's seriously like credit card debt. I'm paying aggressively now, but that obviously affects what I can spend on housing, family and leisure," Jang-Busby says.
However, he added that buying a home was worth it. "I don't really regret allocating the funds to buy a house over, say, investing more in my 401(k) because the value of our house has appreciated over time, and it was important for our autonomy and our development to have a house.''
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