How to Lower Your Monthly Housing Costs (Yes, Even in Austin)
We hear it all the time:
“How are people even affording to buy homes right now?”
Valid question. Between rising home prices, interest rates, and everything else that comes with adulting, it’s easy to feel like buying is out of reach. But here’s the thing—owning a home doesn’t have to mean stretching your budget to the breaking point.
There are ways to buy a home that fit your lifestyle and your bank account. Let’s break down four real strategies that can lower your monthly costs and make this whole thing a little more doable:
1. Use a Program With Down Payment Assistance or Lower Interest Rates
You don’t need a huge savings account to become a homeowner. There are programs designed to reduce your upfront costs—and sometimes your interest rate too. Think: down payment assistance, grants, and even programs that offer below-market interest rates to first-time or income-qualifying buyers.
These aren’t shady or too-good-to-be-true schemes. They’re legit, underutilized tools that could shave hundreds off your monthly mortgage. And no, you don’t have to be a teacher or veteran to qualify. (Though if you are—bonus.)
We’ve helped buyers use these programs to get into homes with as little as 3% down and interest rates that beat what the big banks are offering. Want help figuring out what you’re eligible for? That’s our jam.
2. Buy With a Friend (Yes, This is a Thing—and It Works)
Buying solo is cool. Buying smart is cooler. If you’ve got a friend, sibling, coworker, or fellow side-hustler you trust, co-buying can make homeownership way more affordable. You split the costs, you build equity together, and you both gain access to an asset that would’ve been out of reach solo.
We’ve seen it all—two roommates buying a duplex, best friends splitting a single-family home, and even three siblings going in on a triplex. With the right agreement in place, it can be a win-win.
Co-buying is one of the most underutilized paths to homeownership—and one of the most powerful. We’ll help you get it set up the right way.
3. Rent Out a Room, Suite, or Back House
If you’re open to a little sharing economy action, this one’s for you. Renting out a spare room, separate entry suite, or garage apartment can turn your home into a cash-generating machine. Even $800–$1,200/month from a long-term renter can make a huge dent in your mortgage.
Better yet, look for homes that already have the setup: back houses, converted garages, or layouts perfect for a housemate situation. Some of our favorite listings are low-key ideal for house hacking—if you know what to look for.
Want help finding a home that practically pays for itself? We’ve got a search filter for that.
4. Buy Below Your Max Budget (and Keep Your Sanity)
Just because you’re approved to spend $500k doesn’t mean you should. Buying below your max budget can mean lower taxes, insurance, and utilities—plus more wiggle room in your monthly budget for things like life, travel, or future investments.
Maybe that means choosing a townhome over a detached house. Or buying a little further out. Or trading square footage for smart layout and low maintenance. We’ll help you find what makes sense for you—not just what the internet tells you to buy.
Translation: Stop trying to buy the “dream house” and start buying the house that gets you closer to your dream life.
You Deserve More Than Zillow Scrolls and Mortgage Regret
At Open House Austin, we believe homeownership should feel empowering, not draining. We specialize in helping people buy smarter—whether that’s through down payment help, creative buying strategies, or just finding the right home for your actual budget.
Let’s find a way to make it work.
Book a free consult or RSVP to our next “How to Buy a House” workshop—we’ll help you cut through the noise and find the path that fits.
