Ask Shannah: Should I Take Money From My Retirement Account to Buy a House

$78,000. That’s a 20% downpayment on the average price of a house in 2022 according to The Zebra. No matter how much money you make, that’s a sizable amount of money. After you riffle through your couch cushions and pull out your rusty calculator to figure out how many coffees runs you need to skip, the question remains, where will you find that kind of cash? In this Ask Shannah, I’m answering the burning question, should I take money from my retirement account to buy a house, or is that the worst decision ever?

LINKS

Average home price in the U.S. article

IRA Withdrawl for Home Purchase

Compound Interest Calculator

Study: First-Generation Americans

Homeownership Rates for Immigrants

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