how do people afford houses

There are various ways people afford houses, some of which include:

1. Saving up for a down payment: Many people save up for years to have enough money for a down payment on a house. A down payment is typically 10-20% of the home's value, and the rest is financed through a mortgage.

2. Getting a mortgage: A mortgage is a loan specifically for buying a house. It allows people to finance the purchase of their home over a period of time, usually 15 or 30 years. The interest rate on the mortgage can vary depending on the individual's credit score and other factors.

3. Government assistance: Some governments offer programs to help people buy homes. For example, in the United States, the Federal Housing Administration (FHA) offers loans that require lower down payments and have more lenient credit requirements than traditional mortgages.

4. Inheriting a home: In some cases, people inherit homes from family members or friends. This can allow them to avoid some of the costs associated with buying a home.

5. Partnering with others: Some people partner with friends or family members to purchase a home together. This can allow them to pool their resources and share the costs associated with owning a home.

6. Rent-to-own: Some people choose to rent a home with the option to buy it later. This allows them to save up for a down payment while living in the home they want to eventually own.