The Truth About Homeownership: 3 Myths That Might Be Holding You Back

What if the thing stopping you from buying a home… isn’t actually true?

I talk to potential buyers every week who tell me they’re “not ready yet.” And when I ask why, I hear the same reasons over and over. The truth is, many of the so-called “rules” around buying a home are either outdated or were never true in the first place.

If you’ve ever wondered whether homeownership is really possible for you, let’s clear the air. Here are three of the biggest myths I hear about buying a home and what’s actually true.

Myth #1: You Need 20% Down to Buy a Home

This is by far the most common myth and one of the most discouraging.

The truth? You do NOT need 20% down to buy a home.

While putting 20% down can help you avoid private mortgage insurance (PMI), it’s not a requirement for most buyers. In fact, many people buy with far less:

• Conventional loans may require as little as 3% down for qualified first-time buyers

• FHA loans require just 3.5% down

• VA loans (for veterans and active-duty military) often require zero down

• USDA loans for eligible rural areas can also offer zero down

• Many areas offer down payment assistance programs

If you’ve been renting and saving for years because you think you need a massive down payment, you might be closer to homeownership than you realize. It’s absolutely worth exploring your options before assuming it’s out of reach.

Myth #2: Now Is a Bad Time to Buy Because of Interest Rates

Another thing I hear all the time is, “I’m waiting for interest rates to come down.”

I get it, rates matter. But here’s the reality: interest rates fluctuate, and timing the market perfectly is nearly impossible.

Waiting for rates to drop can actually backfire. When rates go down, more buyers jump back into the market, which often leads to:

• Increased competition

• Multiple offers

• Higher home prices

You might end up paying more for the home itself, even if the rate is lower.

And here’s an important reminder: you can refinance later if rates drop significantly. But you can’t go back and buy today’s home at today’s price if values rise while you’re waiting.

The better question isn’t, “Are rates perfect?”
It’s, “Does buying make sense for me right now based on my goals and financial situation?”

Myth #3: Owning Is Always More Expensive Than Renting

This one sounds logical on the surface - but it doesn’t tell the full story.

Yes, homeownership comes with responsibilities like maintenance. But let’s zoom out.

When you rent, 100% of your monthly payment builds wealth for your landlord.
When you own, your mortgage payment builds your equity - in an asset that historically appreciates over time.

There’s more:

• Rent typically increases every year

• With a fixed-rate mortgage, your principal and interest payment stays the same for 15 or 30 years

• Homeowners may benefit from tax advantages, like mortgage interest and property tax deductions

Renting isn’t “bad” - it can make sense in certain seasons of life. But if you’re renting because you believe owning is automatically more expensive, it’s worth running the numbers. Many people are surprised to find that their potential mortgage payment is comparable to (or even less than) what they’re paying in rent - while also building long-term wealth.

Final Thoughts: Don’t Let Myths Decide Your Future

These are just three of the biggest homeownership myths that might be holding you back. Buying a home is often more accessible than people think, and waiting for the “perfect” moment can mean missing opportunities that already exist.

If you’ve been thinking about buying but aren’t sure where to start, let’s talk. I’d love to look at your situation, answer your questions, and help you figure out what makes sense for you—no pressure, no assumptions.

Still feeling unsure? I’ve created a free PDF guide that breaks everything down step by step and shows you what’s actually possible when it comes to buying a home.
👉 Download the guide for free and start exploring your options with confidence.

Send me a message, and let’s explore what’s actually possible for your homeownership goals.