I talk to renters all the time who assume buying is off the table for them. Not because they've actually run the numbers — because they've absorbed a handful of assumptions that sound true but usually aren't. "My income isn't high enough." "I'd never get approved." "I don't have anywhere close to 20% saved."
Some of these myths were true at some point, for some buyers. But for most people I sit down with, they're simply outdated information standing in the way of a decision that's actually within reach.
Let's go through the big ones.
Myth #1: "My income isn't high enough."
This is the one I hear most. People picture a number in their head — often based on a friend's salary, a headline about median home prices, or just a general sense that homeownership is for "other people" — and rule themselves out before ever talking to a lender.
Here's the thing: lenders don't look at your income in isolation. They look at your debt-to-income ratio — how much you owe each month compared to how much you earn. Someone with a modest income and low debt can often qualify for more than someone with a higher income and a car payment, student loans, and credit card balances.
The only way to know your actual number is to talk to a lender. I can connect you with one, and it costs nothing to find out. Most people are surprised — in a good way.
Myth #2: "I could never get approved."
This belief usually comes from one bad experience, something a friend went through, or just general anxiety about the unknown. But approval criteria are more flexible than people think, especially for first-time buyers.
There are loan programs specifically built for buyers without a perfect financial picture:
- FHA loans — down payments as low as 3.5%, more flexible credit requirements
- Conventional loans — as little as 3% down for qualified first-time buyers
- First-time buyer assistance programs — Illinois offers down payment assistance programs that many buyers don't know exist
A past late payment, a thin credit file, or a non-traditional income source isn't automatically disqualifying. It might shape which loan product fits, but it rarely means "no" outright.
Myth #3: "I need 20% down."
This is probably the most persistent myth out there, and it's just not accurate for most buyers anymore. 20% down avoids private mortgage insurance (PMI), but it is not a requirement to buy.
Plenty of buyers I work with purchase with 3-5% down. Yes, that usually means PMI gets added to the monthly payment — but PMI isn't permanent. Once you've built enough equity (often through a combination of payments and appreciation), it typically falls off.
Waiting years to save 20% while rents keep climbing can end up costing more than buying sooner with a smaller down payment.
Myth #4: "Renting is cheaper, so it's the smarter move."
Renting can absolutely be the right choice depending on your season of life. But "cheaper" isn't always true, and even when the monthly number is lower, it's not the full picture.
A rent payment is a fixed cost with nothing building behind it. A mortgage payment builds equity — and a chunk of every payment, however small in the early years, comes back to you when you eventually sell. Property values in McHenry and Kane counties have also shown solid appreciation over time, meaning your monthly payment is doing double duty: housing you and growing an asset.
What does staying in your current rent actually cost you over the next five years — and what would those same dollars be doing in a home you owned?
That's not a rhetorical question. It's worth running the actual numbers for your specific situation.
Myth #5: "I should wait until rates come down."
Rates matter, but they're one piece of a much bigger equation. If you buy now and rates drop later, you can refinance — that's a known, available option. If you wait for rates to drop and home prices keep climbing in the meantime, you've traded a rate problem for a price problem, and price increases are permanent in a way that rate increases aren't.
Nobody can perfectly time the market, including me. What I can tell you is that buyers who wait for the "perfect" moment often end up waiting indefinitely, while their rent goes up every single year regardless.
What Actually Determines Whether You're Ready
Forget the assumptions for a second. Here's what actually matters:
- What you currently spend on rent — and whether that's likely to go up again at renewal
- What you have saved, even if it's not 20%
- Your monthly debt obligations, not just your income
- How long you plan to stay in the area — buying usually makes more sense the longer you intend to stay
None of these require guesswork. A 20-minute conversation with a lender will give you real numbers instead of assumptions.
My Honest Take
I'm not going to tell you buying is always the right answer — it isn't, for everyone, in every season. But I've watched too many people rule themselves out based on something they heard once, rather than their actual situation.
If you're renting in the northwest suburbs and have ever wondered "could I actually do this," that question deserves a real answer, not a guess. Let's find out what your numbers actually look like — there's no pressure, no obligation, just information.
Reach out to talk through your situation, or get a head start by running your numbers on the mortgage calculator.
