Think You Need A Big Down Payment To Buy A Home

Dated: 11/20/2018

Views: 74

Image title

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

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 home buying 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.”


Image title

Image title



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!

Download My Free: Buyer Guide | Seller Guide


Blog author image

Marco Murad

Off Market Specialist. Specialties: Buyer's Agent, Listing Agent, Relocation, Commercial R.E. I'm a real estate consultant who's made a career of an excellent track record of outstanding results an....

Want to Advertise on this Site?

Latest Blog Posts

Some Quick Links That Could Help You Find A Great Deal In Your Area

Down below are some "Quick Links" that shows you specific lists of "Propertunities" in your area!If you're looking for a great deal on a home or investment property in your area. Be sure to bookmark

Read More

Preparing To Sell Top 10 Tips To Maximize Your Sales Price

Preparing to Sell: Top 10 Tips to Maximize Your Sales PriceSelling your house for top dollar is no easy feat.  There are many details and moving parts; Some tasks might just get left off the

Read More

10 BestKept Secrets For Selling Your Home

10 Best-Kept Secrets for Selling Your Home Tricks of the trade to help you get top dollar when selling your  home.Selling Secret #10: Pricing it rightFind out what your home is worth, then

Read More

Just Listed 61 Woodlawn Ave Chelsea MA 02150

Just ListedContact me for more information or to schedule a showing.61 Woodlawn Ave, Chelsea, MA 02150Welcome to home to 61 Woodlawn Ave, Chelsea. Located in the Prattville neighborhood right on the

Read More