Homeownership has long been the American Dream, but for many workers, that goal has been largely unattainable of late. That's why it's encouraging to hear that a large chunk of renters might soon move over to the ownership camp. Specifically, roughly 32% of Americans plan to buy a home within the next five years, according to a newly released NerdWallet study. But while there are certain advantages to owning a home, there are also some pitfalls you'll want to avoid. Here are just a few things you ought to know if you're aiming to buy a home in the not-so-distant future.

1. You should aim for a 20% down payment

These days, you don't necessarily need to come up with a 20% down payment to buy a home -- but you're better off doing so nonetheless. Not only will putting down 20% help minimize the interest you pay on your loan, but it'll also help you avoid private mortgage insurance, or PMI, which will only make your mortgage more expensive.

Cristin Smith profile photo
Cristin Smith
Broker, REALTOR®
Simply Real Estate
Main : (406) 696-4613
Cristin Smith profile photo
Cristin Smith
Broker, REALTOR®
4066964613