How Much Is Your Downpayment?

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Real Estate Broker/Owner with Real Estate Teammates BK3322137

64.2% of Millennials Put Down Less than 20% | Simplifying The Market

64.2% of Millennials Put Down Less than 20%

Digital Risk recently polled Millennials about the housing market. Among their findings was the fact that nearly two-thirds of the generation who have recently purchased a home, have done so with less than 20% down; with 36% putting down less than 5%!

Here is a graph detailing the results:

Millennial Down Payments | Simplifying The Market

This means that more and more American’s between the ages of 18 and 34 stopped paying their landlord’s mortgage and started building their own family’s wealth.

Millennials aren’t the only ones taking advantage of lower down payments.

The Federal Reserve Bank of New York found that if the down payment required to purchase a home went from 20% to 5%, a renter’s Willingness To Pay (WTP) increased by 40%.

Willingness To Pay | Simplifying The Market

The problem is that thirty-six percent of Americans still think a 20% down payment is alwaysrequired when buying a home. Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

Bottom Line

If you are one of the many renters now realizing that the home of your dreams is obtainable, let's get together and discuss your options.

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Rainmaker
691,171
Pat Champion
Coldwell Banker Camelot Realty - Mount Dora, FL
Call the "CHAMPION" for all your real estate needs

Great post and information for all home buyer's a lot of them do not realize there are buying options with little to no down payment if they qualify. Thanks for sharing I hope you have a great afternoon.

Aug 20, 2015 07:24 AM #1
Rainmaker
841,657
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

In general if you put down less than 20% your interest is a little higher and then your have mortgage insurance as well.

Aug 20, 2015 07:42 AM #2
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Rainer
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Ed Macias

Miami FL-REO Property Management Multifamily
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