Still Think You Need 15-20% Down to Buy a Home? Think Again!

By
Real Estate Agent with Keller Williams Greater Omaha 20041001
Still Think You Need 15-20% Down to Buy a Home? Think Again! | MyKCM

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, let’s get together so we can assist you along your journey!

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Nebraska Douglas County Omaha
Groups:
Market Updates
Market Reports
Omaha Real Estate
Tags:
omaha real estate
omaha homes for sale
top omaha real estate agents
top omaha realtors
best omaha real estate agents
guaranteed sold
omaha guaranteed sale
best omaha realtors
omaha real estate professional

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
772,708

The Trumm Team Omaha Homes for Sale, Real Estate

Ask me a question
*
*
*
*
Spam prevention

Additional Information