A 21-year-old college student saved for a condo by combining disciplined budgeting, side hustles, scholarships, and family support. Living frugally, leveraging financial aid, and working multiple jobs allowed them to amass a down payment. Strategic real estate choices and first-time homebuyer programs further enabled the purchase, proving homeownership is achievable even for young students with the right approach.
A 21-Year-Old’s Path to Condo Ownership in College
Saving for a condo at 21 while juggling college is no small feat, but it’s possible with discipline, resourcefulness, and a clear financial strategy. Take the example of Nihar Suthar, a 21-year-old who saved over $109,000 by graduation through a combination of frugal living, side gigs, and smart investing. His story, as reported by USA Today, highlights how young adults can achieve homeownership early with the right approach.
Start with a Frugal Mindset
Living below one’s means is critical for young savers. Suthar kept expenses low by avoiding unnecessary spending, such as dining out or buying new gadgets. He drove an older car and lived rent-free with family when possible, a tactic also used by a 20-year-old Canadian who saved $68,000 for a condo down payment by age 20, as noted in The Globe and Mail. For students, this might mean sharing apartments, cooking at home, or skipping expensive entertainment. Budgeting apps like Mint or YNAB can help track expenses and identify savings opportunities. The average U.S. college student spends about $1,200 monthly on living expenses, according to the College Board, so cutting even 20% of that can yield $2,880 annually.
Leverage Scholarships and Financial Aid
Avoiding student loan debt is a game-changer. Suthar intentionally chose schools offering scholarships and worked as a resident assistant to cover housing costs, a strategy echoed by a 33-year-old who paid off a $300,000 home by avoiding loans through scholarships and frugal living. The National Center for Education Statistics reports that 86% of full-time students receive some form of financial aid, averaging $14,800 per year. By securing grants or scholarships, students can redirect funds that would go to tuition or rent toward savings. For example, a $10,000 scholarship can cover a significant portion of a condo’s down payment over four years.
Work Side Hustles and Internships
Multiple income streams are key. Suthar earned money through odd jobs, internships, and book royalties, banking a $15,000 graduation gift from his father. Similarly, a 24-year-old college dropout featured in Business Insider bought a $60,000 condo by working three jobs—realtor, leasing agent, and weekend gigs—while renting out spare rooms for $300 monthly. Current data from ZipRecruiter shows average side hustle earnings for college students range from $15–$25 per hour, with popular options like tutoring, rideshare driving, or freelance writing. Working 15 hours weekly at $20 per hour adds $15,600 annually, enough for a 5% down payment on a $300,000 condo in two years.
Invest Conservatively for Growth
Suthar allocated 60% of his savings to bonds for stable returns, as noted in USA Today, growing his portfolio to $109,000. While stocks offer higher returns, conservative investments like high-yield savings accounts or certificates of deposit (CDs) are safer for short-term goals. As of August 2025, top high-yield savings accounts offer 4.5–5.5% APY, per Bankrate, allowing $10,000 to grow to $11,400 in three years. For students, starting with a small investment and automating contributions can build a nest egg without risking tuition funds.
Tap Family Support or First-Time Homebuyer Programs
Family assistance often bridges the gap. A 27-year-old in Seattle bought a condo with his father’s help, covering a $1,100 monthly mortgage, according to The New York Times. For those without family aid, first-time homebuyer programs are critical. The U.S. Department of Housing and Urban Development (HUD) offers programs like FHA loans, requiring just 3.5% down ($10,500 on a $300,000 condo). Some cities provide down payment assistance grants of $10,000–$50,000 for income-eligible buyers, as noted on Reddit’s r/MoneyDiariesACTIVE. Students should research local programs early to maximize benefits.
Choose Affordable Real Estate
Location and property type matter. Condos are often cheaper than single-family homes, with the National Association of Realtors reporting a median U.S. condo price of $365,000 in 2025, compared to $412,000 for houses. A 21-year-old might target college towns with stable rental demand, like Greensboro, NC, where a condo was purchased for $60,000, as per Business Insider. Renting out extra rooms can offset mortgage payments, as seen with the dropout who earned $1,200 monthly from roommates. Zillow data shows college towns like Ann Arbor, MI, or Gainesville, FL, have condos under $200,000, ideal for student budgets.
Navigate Mortgage Qualification as a Student
Qualifying for a mortgage is tough without steady income, but co-signers or parental support can help. A Bogleheads.org user described a parent co-signing for their son’s condo, with the student covering payments and repaying the down payment post-graduation. Lenders typically require a debt-to-income ratio below 43%, per Rocket Mortgage, so students must minimize other debts. A part-time job earning $30,000 annually can qualify for a $150,000 mortgage with a co-signer, assuming no major debts.
Plan for Ongoing Costs
Owning a condo involves more than a mortgage. Bankrate highlights condo association fees, averaging $200–$400 monthly, plus property taxes and insurance, which can add $2,000–$5,000 annually. Students must budget for these, as well as maintenance, which averages 1% of the property’s value yearly. A $200,000 condo might cost $2,000 annually to maintain, so an emergency fund of $5,000–$10,000 is wise, per Forbes Advisor.
Risks and Considerations
Buying young carries risks. A Reddit user who bought a condo at 24 in Vancouver saved aggressively but sacrificed social experiences, later questioning the tradeoff. Economic uncertainty, as noted by CNBC during the 2020 pandemic, can make short-term property ownership risky, especially if selling at a loss. Students must weigh career mobility, as job changes might require renting out or selling the condo, per Investopedia.
Real-Life Success
Suthar’s story isn’t unique. A 20-year-old in Victoria, Canada, saved $68,000 by living rent-free and working since 16, buying a condo without mortgage insurance. In the U.S., programs like the Home Buyers’ Plan allow withdrawing $25,000 from an RRSP for a down payment, a strategy adaptable via 401(k) loans in the U.S., per IRS rules, though repayment is required within five years. These examples show that with discipline, multiple income streams, and strategic planning, a 21-year-old can own a condo while still in school.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions. Information is sourced from publicly available data, including news reports, real estate websites, and government programs.
