Should I Use My Retirement Account to Buy a House- Ask Shannah

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. After you riffle through your couch cushions and pull out your rusty calculator to figure out how many coffee runs you need to skip, the question remains: where will you find that kind of cash? In this vault, 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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