Krystal Anyang-Kusi, 30, bought her first home, a $252,275 townhouse, in Lawrenceville, Georgia with a down payment of $4,570, or about 1.8%. Until she moved in May 2020, Krystal lived in her parents’ home in Virginia with her three sisters. This is an installment of Millennial Mortgage, which profiles first-time buyers across the U.S. and details how they purchased their homes.
Read more about Krystal’s story here: https://cnb.cx/3k1xoTZ
In March, as Covid-19 spread across the country, Krystal Anyang-Kusi closed on her first home in Lawrenceville, Georgia.
Until she moved in May, Anyang-Kusi, 30, lived in her parents’ home in Virginia with her three sisters. But she was ready for some independence. “I knew back in 2018 that I wanted to move out of my parents’ house the following year,” she tells CNBC Make It. She didn’t expect to be moving during a global pandemic though.
Anyang-Kusi bought her 1,850-square-foot, three-bedroom, two-and-a-half-bathroom new build for $252,275, with a down payment of $4,570, or about 1.8%. She was sold on the property after seeing an online video tour of the townhome model and visiting the lot. Because the down payment was less than 20%, she pays for private mortgage insurance (PMI), which costs her an additional $171 per month on top of her mortgage payment of $1,461.
Anyang-Kusi also has about $78,000 in outstanding debt: $25,000 in student loans, $5,600 in credit card debt and $47,000 on her car note. Each month, she spends about $1,279 repaying the debt for all three: $250 for her student loan, $300 for her credit card debt and $729 for her car loan.
Yet despite her existing debt, she has no regrets about adding a 30-year mortgage.
“I did feel worried taking on an additional debt,” she says. “The thing that gave me solace was that I knew a home would be more of a long-term investment.” All in all, “I just trusted that this time is right for me.”
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Buying A $252K Townhouse In Georgia