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Still Think You Need 15-20% Down To Buy A Home? Think Again!

Posted by David E. DeChant on Wednesday, October 24th, 2018 at 8:58am.

According to a new study from Urban Institute, there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well!

Now that the largest generation since baby boomers has aged into prime homebuying age, there will no doubt be an uptick in the national homeownership rate. The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home.

Surprisingly, the largest share of mortgage-ready millennials lives in expensive coastal cities. These cities often attract highly skilled workers who demand higher salaries for their expertise.

So, what’s holding these mortgage-ready millennials back from buying?

Myths About Down Payment Requirements! 

Most of the millennials surveyed for the study believe that they need at least a 15% down payment in order to buy a home when, in reality, the median down payment in the US in 2017 was just 5%, and many programs are available for even lower down payments!

The study goes on to point out that:

“Despite limited awareness, every state has programs that provide grants and loans to make homeownership more attainable, with average assistance in various states ranging from $2,436 to $21,171.”

Bottom Line

With so many young families now able to buy a home in today’s market, the demand for housing will continue for years to come. If you are one of the many millennials who have questions about their ability to buy in today’s market, sit with a local real estate professional who can assist you along your journey!

 

 

Source: https://www.keepingcurrentmatters.com/2018/10/24/still-think-you-need-15-20-down-to-buy-a-home-think-again/ 

3 Responses to "Still Think You Need 15-20% Down To Buy A Home? Think Again!"

Where Are Home Values Headed Over The Next Few Years? wrote: [...]Links

Still Think You Need 15-20% Down To Buy A Home? Think Again!
Housing Is Still Affordable In The United States!
Will Home Prices[...]

Posted on Thursday, October 25th, 2018 at 2:33pm.

Buying A Home Can Be Scary… Until You Know The Facts [INFOGRAPHIC] wrote: [...]Links

Where Are Home Values Headed Over The Next Few Years?
Still Think You Need 15-20% Down To Buy A Home? Think Again!
Housing Is Still Affordable In The United States!




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Posted on Friday, October 26th, 2018 at 10:29am.

Thinking Of Selling Your Home? Here’s Why You Need A Pro In Your Corner wrote: [...]Facts [INFOGRAPHIC]
Where Are Home Values Headed Over The Next Few Years?
Still Think You Need 15-20% Down To Buy A Home? Think Again!




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Posted on Monday, October 29th, 2018 at 10:31am.

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