Moving into your own place can be exciting and frightening at the same time. The American Bankers Association (ABA) suggests considering the following questions when choosing your own home. 1. How much money do you have saved up?​ Start with an evaluation of your financial health. Figure out how much money you have for a down payment or deposit on a rental. Down payments are typically 5 to 20 percent of the price of the home. Security deposits on rentals are usually about one month of rent and more if you have a pet. But be sure to keep enough in savings for an emergency fund. It’s a good idea to have three to six months of living expenses to cover unexpected costs. 2. How much debt do you have? Consider all of your current and expected financial obligations—like your car payment and insurance, credit card debt, and student loans. Make sure you will be able to make all the payments in addition to the cost of your new home. Aim to keep total rent or mortgage payments, plus utilities, to ...