Buying your first home can feel intimidating — especially with all the myths, outdated advice, and well-meaning opinions floating around. But here’s the truth: most of what’s holding people back today is based on misconceptions, not reality.

In this week’s Fridays with Friends, Mandy and Abbey break down the three most common home-buying myths we hear from clients throughout Rochester, Pittsford, Victor, Fairport, Brighton, Webster, and the Finger Lakes.

If you’ve been unsure about when (or whether) you can buy a home, this one’s for you.

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

This is one of the biggest myths in real estate — and it stops far too many people from even exploring the home-buying process.

The truth: You do not need 20% down.

Most buyers in Monroe and Ontario County today put down 3%–5%, and many loan programs allow for far less.

Here are the most common low-down-payment options:

• Conventional 3%–5% down (very popular with first-time buyers)

• FHA 3.5% down (great for anyone who needs flexible credit requirements)

• VA loans 0% down (for eligible veterans & active-duty service members)

• USDA loans 0% down (available in many rural areas outside city limits — including parts of Victor, Farmington, Honeoye Falls, and Canandaigua)

Why this myth hurts buyers:

Many renters wait years trying to save up 20%, when they could have built equity and begun wealth-building much sooner.

Your down payment should fit your goals, not old advice.

❌ Myth #2: Renting Is Cheaper Than Buying

This one sounds logical… until you look at actual numbers in our local market.

In many areas around Rochester, rent increases every year — sometimes significantly.

Meanwhile, a mortgage payment (especially with today’s loan options) can often be the same or less than rent.

What we see locally:

• Rent in areas like Brighton, Pittsford, Fairport, and Penfield has climbed steadily.

• Demand for quality rentals is high — pushing up prices.

• Many renters are paying 100% interest to their landlord with zero long-term benefit.

• First-time buyers often discover they can own for less than they expected.

💡 The real question isn’t “Is renting cheaper?”

It’s:
What makes the most financial sense long-term?

Buying builds equity.
Renting builds your landlord’s equity.

We’ll run the numbers with you so you can see exactly which option makes sense for your situation.

❌ Myth #3: You Can’t Buy a Home If You Have Student Loans

Good news — this myth is also false.

Having student loans does not disqualify you from buying a home.

Lenders don’t look at your student loan in isolation — they look at your entire financial picture, including:

• Income

• Credit score

• Savings

• Other debts

• Debt-to-income ratio (DTI)

• Current rent payment

• Payment history

Many of our buyers throughout Rochester, Henrietta, Greece, Victor, and Canandaigua purchase homes while still having student loans.

The key is understanding how the payment affects your DTI and choosing the right loan program based on your overall numbers.

If you’re unsure how your loans impact qualification, we can walk through it with you in five minutes.

Don’t Let Homebuying Myths Stop You From Exploring Your Options

These three myths stop more future homeowners in Monroe and Ontario County than anything else.

But once buyers understand the real requirements, they often discover that buying a home is more realistic, affordable, and achievable than they ever imagined.

And you don’t have to figure it out alone.
You deserve guidance from a team who knows the Rochester and Finger Lakes markets inside and out — and who truly cares about helping you make the best decision for your future.

Ready to See If Homeownership Is Possible for You? Let’s Talk.

Whether you're exploring your first home, upgrading, or relocating within Rochester, Victor, Pittsford, Canandaigua, Fairport, Brighton, or anywhere in Monroe or Ontario County, we’re here to help.

👉 Schedule a complimentary consultation:
https://www.friendonyourside.com/connect

📱 Call or text anytime: 585-622-7181
📧 Email: info@friendonyourside.com

Your dream of owning a home might be closer than you think — and you deserve to have a friend on your side as you take the next step.

About The Friend Team

The Friend Team is a women-owned, community-driven real estate team proudly serving Monroe and Ontario Counties. With over 2,000 families served, $410M+ in sales, and 550+ five-star reviews, we’ve built our reputation on being more than just agents — we’re trusted partners in your real estate journey.

When it comes to buying or selling a home, you’ll always have a Friend on your side.