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:
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%.
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.
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. Contact me here to start you home search. You can also visit my website to search for your new home.
Get to know Hank Ewing
Hank Ewing is a team leader for the Ewing Group. He joined the team of experienced REALTOR® at Bellator Real Estate & Development in 2014, and he and his team specialize in selling residential properties fast and for the most money. He is also skilled in hunting down the best prices in the area to match buyers with their ideal homes.
Hank has Louisiana roots but has lived in Daphne, Ala. for seven years. Prior to beginning his career in real estate, he worked for 20 years as an engineer in communication technologies. Videos have been ranked one of the top-rated tools for successfully selling homes, and Hank is experienced in virtual tours and other visual technology to help you make a great impression on the market.
Hank has been married to his lovely wife Amy for 22 years, and has two children – Dylan, 20 and Anna Claire, 14. When he’s not marketing homes or finding great deals for buyers, Hank enjoys hunting and spending time with family and friends.
Hank Ewing Expertise
Gold Club member Bellator Real Estate and Development
Presidents Club Bellator Real Estate and Development