Ask Shannah: Should I Take Money From My Retirement Account to Buy a House
2023-05-12
$78,000. That’s a 20% downpayment on the average price of a house in 2022 according to The Zebra. No matter how much money you make, that’s a sizable amount of money. After you riffle through your couch cushions and pull out your rusty calculator to figure out how many coffees runs you need to skip, the question remains, where will you find that kind of cash? In this Ask Shannah, I’m answering the burning question, should I take money from my retirement account to buy a house, or is that the worst decision ever?
LINKS
Average home price in the U.S. article
IRA Withdrawl for Home Purchase
Compound Interest Calculator
Study: First-Generation Americans
Homeownership Rates for Immigrants
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