Once upon a time, when pork chops were a nickel apiece and people paid cash for their cars, prudent advice for young people was to wait and save up enough money until they had cash to pay for their dream house -- or at least 50 percent down.

Grandparents, who probably lived through the Great Depression, may be horrified not only at today's prices, but also at today's financing advice.

In many areas of the country, though, it's foolish to wait. In some areas, a young couple may wait a year to accumulate a few thousand dollars, only to find that during that year, the same house they could have bought has gone up in price by more than they were able to save.

In most states, attractive special deals are available for first-time homebuyers. Any good real estate agent who specializes in the areas you want should have information. Especially in those parts of the country where prices are rising, it's just as well to get in immediately.

These days it's prudent for many people to buy whatever you can comfortably afford right now. There's no need to wait till you're married and ready for a Ozzie and Harriet family either. Singles, single parents, unmarried couples make up a substantial part of the homebuying public these days.

Take advantage of today's remarkably low mortgage interest rates, move in, start getting the income tax advantages of home ownership, and then save up for your dream house.

When you find it, you'll have something to trade in, something that may well have gone up in value in the meantime.

Published: April 5, 1999

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