The computer engineer knew something had to give when Elizabeth was outbid for the third time in a row. She knew it wouldn't be her wallet since she wanted to be within her budget.
"I put in about three offers, a few $20,000 to $30,000 over asking, and still got outbid by people who paid in cash."
The Portland, Maine, native heard about a program that could help her buy a home. A first-time home buyer loan program and a new housing development were more than that she found.
She said she got very lucky from there. I'm not sure how. I lucked into a lot of things.
Achieving homeownership is difficult for many first time buyers. Although she has a larger budget than most Americans her age, it is still difficult to find an affordable home. The median home price in Willard's state is over half a million dollars more than the national average.
Home-price growth has slowed in Maine and other pockets of the country, but many buyers are still priced out of the market, and mortgage rates are on the rise. Buying a home could be easier with programs like the one that helped Willard.
She said that first-time-home-buyer programs were designed to help anyone who wanted to buy a home. More states should adopt these programs and they should be universal.
She needed money to buy a home. She didn't receive a nest egg from her parents and she didn't want to have a roommate.
She came across a program for first-time home buyers. She set her sights on a workforce housing development after she received a $5,000 state grant and 5% down payment.
There are 23 one and two-bedroom units in the development. A person needs to earn at least 120% of the state's average median income to be approved for affordable housing.
Her salary would surpass the median income of Portland. She was faced with a dilemma: What if she couldn't afford other developments in her city because she was too rich to live at Goodwin.
She said that it was odd that she had to make enough money to qualify for a loan but not enough to be able to pay it back. Most people would find it very difficult. You would need to have a lot of money.
She got the good news that she qualified to live there. With the help of Maine's housing authority, Willard became the owner of a 616- square-foot, 1-bedroom and 1- bathroom unit.
She said she barely made it. The stars came together. Willard was approved for a first-time home buyer loan, a $5,000 grant to help with her down payment, and a lower interest rate after completing a course with the Maine Housing Authority.
Gen Z has had the worst time when it comes to homeownership, according to a real estate database.
A study that calculated how much Americans could afford to set aside for a down payment on a home in 100 of the country's largest counties found that Gen Z couldn't afford a median priced home.
The price difference between the median home and the home that Gen Zers can afford opens a not-so-metaphorical precipice between young people and their homeownership dreams.
First-time-homebuyer programs are important because housing affordability is almost out of reach for many young people. Financial assistance programs are available throughout the US to help these buyers achieve their homeownership dreams. It is a reminder that young buyers don't have to pursue homeownership on their own.
It's a sign that there is hope.
She said that there were a lot of times when she made an offer and it was not accepted. Look at what your state has to offer first-timers.
Maybe it can work for you as well.
Contact this reporter at alloyd@insider.com if you have a story to tell about the current housing market.
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