Is $5,000 enough to buy a house?

No, $5,000 is generally not enough to buy a house in Lane County, or in most U.S. markets, for several reasons:

• Down Payment: Even with low-down-payment loan programs (like FHA at 3.5% down), a $5,000 down payment would only cover a portion of the required amount for the median home price in Lane County (which is around $464,621 as of June 2025). For a $200,000 home (a rare find in much of Lane County), a 3.5% down payment would be $7,000.
• Closing Costs: Beyond the down payment, buyers typically face closing costs, which can range from 2% to 5% of the loan amount. For a $200,000 home, that could be an additional $4,000 to $10,000.

Emergency Fund: It’s also crucial to have an emergency fund for unexpected home repairs or financial setbacks after purchasing a home. While $5,000 is a good start for saving, a larger sum is typically needed to cover both down payment and closing costs for a property in Lane County. Our team at Better Homes and Gardens Real Estate Equinox can help you understand the full financial picture of homeownership and connect you with lenders who can discuss various loan programs and down payment assistance options.