How Two First-Time Buyers Can Build a Path to Homeownership on a $5,800 Monthly Income

For many of my young purchase clients, buying a first home can feel out of reach — especially when average incomes for the 25–34 age group range between $46,900 and $55,000 per year. For example, if we look at the 25–29 range, the average income sits around $44,400.

That translates to a monthly take-home pay of roughly $2,800 to $3,050, depending on province and deductions. Let’s use $2,900 as a conservative estimate per person, or $5,800 total per month for a couple buying together.

So, what can that look like in practice?

Option 1: Stay Home and Save Aggressively

If your living situation allows, staying at home can be a strategic move. It’s not glamorous, but minimizing expenses during your saving years can set you up for a strong down payment faster than you’d expect.

By directing as much as possible into savings — especially tax-advantaged accounts like the First Home Savings Account (FHSA) — you can get ahead quickly.

Option 2: Rent Smart and Save $1,000/Month

If moving out is a must, choose a low-rent option that lets you save at least $1,000 per month toward your down payment goals.The key is consistency — the market will shift, but your steady savings habits will pay off.

The Power of the FHSA

Each first-time buyer can contribute up to $8,000 annually into their FHSA — that’s $16,000 per year as a couple.Even if you’re saving a bit less — say, $12,000 total per year — in three years, you’d have about $36,000 saved, plus interest compounded and tax benefits.

That level of savings could position you for a $500,000–$600,000 purchase, with a small remaining funds left for closing costs.

A Realistic Plan That Works

This plan assumes low or no personal debt, a steady income, and intentional budgeting — but it’s doable. With focus, you can enter the housing market without needing a gifted down payment or co-applicant support.

If you’re a first-time buyer and want help building your roadmap to homeownership, let’s chat:👉 www.emilycallme.com