Nearly three out of four renters (72 percent) say owning a home is a top priority for their future, up from 63 percent a year ago, according to the 2011 National Housing Pulse Survey from the NATIONAL ASSOCIATION OF REALTORS®. But more than three-fourths of renters say they would be less likely to buy a home if they were required to put 20 percent down, and 71 percent believe a 20 percent down payment requirement could have a negative impact on the housing market.
Some groups of homeowners — including self-described “working class” homeowners, younger non-college graduates, African Americans and Hispanics — believe that a 20 percent down payment requirement would have prevented them from becoming homeowners. More than eight out of 10 respondents (82 percent) say the top obstacle to homeownership is having enough money for a down payment and closing costs, followed by having confidence in one’s job security.
Great info. from CRS Member Connect on-line newsletter
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