Myths of Homebuying
Why what most we know is wrong about home buying, and what we can do about it
Last updated
Why what most we know is wrong about home buying, and what we can do about it
Last updated
If you don’t own a home today, there’s a good chance it’s because of a common myth you’ve heard—and believed. But what if I told you that you could qualify to buy a home right now, and you just didn’t know it?
As a society, we pass around what author Todd Rose calls “Collective Illusions”—ideas that seem true simply because they’ve been repeated so often. These myths exist in all aspects of life, including real estate. They shape our decisions, sometimes keeping us from opportunities we didn’t even realize were within reach.
So, before diving into what you should know about homeownership, let’s first bust some of the biggest myths that might be holding you back.
You Need at Least a 20% Down Payment – False. Some loan programs allow you to buy with as little as 0% down.
You Should Wait Until You Have a Stable Job – Not necessarily. Mortgage qualification is based on more than just job stability.
You Should Wait Until Marriage – Outdated thinking. People are getting married later, staying single longer, and still buying homes.
You Need to Time the Market Perfectly – Unrealistic. Even experts struggle to do this, and waiting too long can mean missing out.
Renting Is Always Cheaper Than Buying – Short-sighted. Renting for 50 years versus owning for 30? Which sounds like the better financial move?
These myths might sound familiar—maybe they’ve even influenced your decisions. But just because something is commonly believed doesn’t mean it’s true. The real question is: Are you willing to reconsider what you thought you knew?
It’s natural to feel some hesitation when hearing an idea that challenges what you’ve always believed. But if some of your assumptions about homeownership are wrong, wouldn’t you want to know?
In the next section, we’ll not only address what’s incorrect, but we’ll also explore what’s actually important when deciding to buy a home. Because once we clear away these misconceptions, we can focus on what truly matters—and help you take a more informed and intentional approach to homeownership.
If you’re curious to dive deeper into these myths (and others that didn’t make this list), check out the appendix for additional insights. You might be surprised at just how much misinformation is out there—and how much closer you are to owning a home than you ever thought possible.
And if you’re OK with reading the documentation one page at a time in the order we have curated the information to be in, then feel free to just click the “Next Page” button below to read up on the first myth and to follow through to each subsequent one too.