A poll was recently conducted by the National Foundation for Credit Counseling. The results of more than 2000 who responded were astounding.
The question asked was whether consumers felt they could meet the down payment requirements in today's real estate market.
Only 12% responded that they would have no problem coming up with the required 20% to put down on a home.
18% responded that they would need a loan that required a much lower down payment.
20% responded that they would have to borrow the money no matter how much was required.
A whopping close to 50% responded that they would never be able to save enough money for a down payment.
What concerns me is the mindset of today's consumer. Have we become a people who are unable to save our money for a home or anything else? Are we a nation so filled with the need for instant gratification that we are living paycheck to paycheck?
Saving for a home is not something new. We come from generations of people who saved their money..for a rainy day or a house..whatever.
What I'm seeing today, is more and more people who don't know how to save. They want it now with no money down. They want it now, but they can't pay for it now, so it goes on the credit card with no thought as to how much that item is really costing them month after month after tacking on interest.
So, 70% of potential home buyers feel that they will NEVER be able to save enough money for a down payment or that they will have to borrow the down payment no matter how much it is? Really? So, what can we do to fix THAT???
Comments(10)