When thinking about a down payment for a home, most people see a big 20% flashing before their eyes. While it is the suggested down payment amount if you have it, homebuyers by no means need to put down 20%.
In fact, a recent survey from Digital Risk shows that nearly two thirds of Millennials who recently bought a home put down less than 20%. 26% of Millennials put down just 1%-5%, 20% put down 10%-19%, 10% put down 0% with the help of financial aid programs and 8% put down 6%-9%.
Here’s the full breakdown:
The problem is, 36% of Americans still think you always need to put down 20% on a new home. It’s one of the detrimental lies stopping homebuyers from taking the plunge. This study suggests that the desire to buy a home is there, however Millennials are facing plenty of economic troubles on the road to homeownership – whether imagined or actual.
If you want to buy a house and need help assessing your financial power, sit down and chat with a professional. A First Team agent is the easiest way to learn more about the process and what you need to get into a new home in the near future. Find an agent online near you or reach out and we’ll match you with an experienced professional.
