Courtesy of Jasmine Austin
- Jasmine Austin wanted to move out of her parents' house, but worried about rising rent costs.Using a homebuyer's assistance program, she was able to buy a home.Austin told Business Insider about her top takeaways from the experience.
This as-told-to essay is based on a conversation with Jasmine Austin, a kindergarten teacher in Richmond, VA. The following has been edited for length and clarity.
I knew I wanted to own a home one day, but I didn't imagine it would happen while I was a single woman on a teacher's salary — or that the process would feel so logistically manageable.
In 2020, I was 24 and began considering getting my own place after living with my parents for my whole life. That year, during the pandemic, they said they planned to downsize in the next two years — but I didn't want to move with them, then move again into a place of my own.
As I explored my other options, I learned about programs that can make homeownership more feasible than I previously thought possible. Using these programs, I was able to improve my budgeting skills and secure financial assistance through a down payment program.
With renting, I worried about rising costs
At first, I looked at apartments to rent and signed a $1,700-per-month lease for a two-bedroom unit in the building where my cousin lived. However, when my cousin went to renew her lease, they raised her rent by $300. I started to worry about how much my rent, which already felt high, could go up, so I decided to stay at my parents' while I explored other options.
My sister worked for a mortgage company and encouraged me to consider buying a home. I looked at a few houses in my budget, but generally felt like I was going to have to settle for something that didn't quite fit my needs.
One day, while driving home from work, I saw some townhomes under construction. They had everything I wanted: They were close to work, in a safe area, and had a private garage. Even though my mortgage would be a little higher than the rent I was planning on paying — the original estimate was $2,200 a month — it was for a bigger, nicer place.
I wanted to take the leap and sign, but I didn't know where to start.
Finding and implementing a homebuyer's assistance program
At dinner one night, a family friend suggested I look into first-time homebuyer assistance programs through Local Initiatives Support Corporation, a nonprofit that supports affordable housing and community development. I researched LISC Virginia's Wealth Opportunities Realized Through Homeownership RVA programs, and applied to work with one of their partners, Housing Opportunities Made Equal of Virginia.
Through the program, I took classes where I learned the basics of the homebuying process. I also had meetings with a housing specialist to review my finances and answer specific questions. Together, we separated my wants from my needs, found small expenses to cut like streaming services I barely used, and set up a budget spreadsheet so I could track my expenses. I started living as if I were already paying a mortgage while still at my parents' house. That practice period made the transition easier.
Between signing for the house in April 2023 and closing in October, I learned through the program that I was eligible to receive a $20,000 grant for down payment assistance, based on my income. At closing, I wrote a check for less than a dollar and my monthly payment dropped to about $1,900.
Bottom line: Ask for help when you need it
Two years in, I appreciate the stability homeownership provides. My payment won't unexpectedly jump like rent can; I'm building equity with every month's check, and I can do any home projects I want. With this starter home as my foundation, I'm considering upgrading to a different style home in a community without a homeowner's association in the next few years.
My sister and family friend acted as invaluable resources throughout the process. I realized that the homebuying process doesn't have to be an extreme financial and emotional burden.
For other millennials who might think that buying a home is out of their reach, my advice is simple: don't count yourself out, and take advantage of all the help that's available to you. Pride can hold you back if you think you have to figure it all out alone.
