I bought my first home at 23 for $196,000—here’s what I learned

When I was only 23, I made a decision that changed my entire life: I bought my first home for $196,000. 

I closed on a three-bedroom, two-and-a-half bathroom ranch on Atlanta’s south side in October 2019. At the time, I was working in management consulting at a global firm, to the best of my memory earning just under $100,000 a year — enough to help me qualify for a mortgage and get pre-approved with minimal friction.

Five years later, that single property has become so much more than a place to live. It has shaped my finances, boosted my confidence, supported my family, and ultimately launched a new career I hadn’t anticipated.

If you’re looking to buy your first home, here are the key lessons I learned that made all the difference:

At the most basic level, there are only two ways to save more: increase your income or reduce your spending. I decided to do both.

For most people, housing is the biggest monthly expense. So if you can find a way to reduce — or temporarily eliminate — this cost, you’ll gain serious leverage. That might mean living with a family member, getting a roommate, or making intentional lifestyle adjustments for a season.

I lowered my housing costs by renting out my apartment on Airbnb on days I was out of town for work — offsetting a large portion of my rent. I also increased my income by offering marketing consultations to peers and small businesses, and taking on speaking engagements outside of my 9-to-5. At this point in my career, I had built a strong personal brand and I realized others were willing to pay for my expertise.

In just six months, I saved around $10,000 to cover my down payment and closing costs. It wasn’t always easy, but the short-term sacrifices set me up for long-term security.

Before I even began house hunting, I did my homework: I attended first-time homebuyer workshops through my local Urban League and spent time researching loan types, down payment assistance programs, and grant opportunities. 

I even joined a Saturday city bus tour that highlighted different Atlanta neighborhoods and upcoming developments. This helped me pinpoint a neighborhood that was on the brink of redevelopment, allowing me to purchase at an affordable price while leaving room to build equity over the next few years.

Learning both the process and the local market gave me the clarity to make decisions rooted in confidence, not fear.

It’s easy to fall in love with a house’s finishes or charm, but your first home doesn’t need to be your dream home. For me, it was about which property presented the best rental potential, while allowing me to live comfortably.

I made a list of my non-negotiables and nice-to-haves I could live without. My priorities included a central location, a bathroom for every bedroom (for easier renting), and a spacious backyard, which turned out to be crucial. Within a year, I added a backyard tiny home — technically called an accessible dwelling unit (ADU) — that brought in income and gave me added flexibility.

Buy with intention. Focus on what has the potential to grow with you, not just what looks good in the moment.

When it came time to choose a real estate agent, I went with someone recommended by a colleague. In hindsight, I wish I’d taken more time to find the right fit.

While the deal got done, I often felt unsupported — especially as a first-time buyer with lots of questions. Most showings were handled by an assistant, and I sat alone at the closing table, overwhelmed. Later, I uncovered plumbing and electrical issues in the home I believe could’ve been flagged earlier with a more hands-on team.

Buying a home involves a lot of moving parts, and your team matters. Interview agents, lenders, and inspectors just like you would any key collaborator. Don’t be afraid to ask questions, request references, and trust your gut. And remember, until you’re under contract, you can pause or pivot at any time.

I didn’t do everything perfectly. But looking back, I’m happy I purchased a home when it felt right for me. It created options.  

The addition of a backyard ADU allowed me to bring in even more cashflow — offsetting the mortgage, helping me navigate life transitions, and allowing me to support loved ones. Today, my sister and her family live in the tiny home. We’re able to support one another while placing ourselves in a secure financial position.

Most importantly, the experience showed me how powerful real estate can be. That’s what inspired me to become a licensed Georgia realtor to help others walk this journey with even more confidence than I had, especially young buyers who feel unsure or overwhelmed.

Buying my first home cemented my financial security, cultivated community among my family and friends, and changed the trajectory of my career. Now I hope I can help others find homes that might do the same for them.

Precious Price is a TEDx speaker, real estate entrepreneur, and co-founder of Gather ADU, a startup helping homeowners and investors build backyard tiny homes and accessory dwelling units (ADUs) to create more housing and maximize their property value. She holds both a bachelor’s and master’s degree from the Indiana University Kelley School of Business. Follow her on Instagram, Twitter and YouTube.

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