According to a recent study from Redfin, “5,897 homes in 50 of the biggest US metropolitan areas by population have sold this year for at least $100,000 above their listed price, more than double a year ago.” And while the Federal Reserve interest rate increase should help slow the demand for housing, the lack of housing available is still pushing prices up.
Waiting to have 20% of an ever-increasing housing price is likely to price you out of the market. There are many loans available where you can put down as low as 5%, leaving you with more money available for home repairs or to increase your bid if need be.
And on the PMI front, your credit score, debt-to-income ratio, and loan-to-value ratio can all affect your PMI rate, so if you have a great credit score and low debt amounts, your PMI may be low enough to make it well worth putting less than 20% down.
Source: https://www.buzzfeed.com/karaperez/outdated-money-rules