Homeownership requires you to pay a lot more than property taxes and a monthly mortgage payment. You also have to pay for homeowners insurance, upkeep, and repairs.
If you don't want to mow your grass or do your own landscaping, you'll have to pay for help with that, too. And, what about replacing flooring or buying the granite countertops you've always wanted?
The bottom line: You'll need lots of extra money once you own a home.
But an emergency can compromise your ability to afford your home more quickly than you realize. If you lose your job or have a medical emergency, you'll need a stockpile of extra cash to manage the unexpected costs and still have enough cash for your housing expenses. Experts recommend three to six months' worth of living expenses, depending on your situation, stored in a liquid account like a high-yield savings account.
You'd be smart to start saving now.