Many studies about saving for a down payment automatically factor in 20 percent down as the standard. But, most first-time homebuyers don’t put down anywhere near that amount. In fact, the median down payment for buyers younger than 37 was just 7 percent, plus many loans and homebuyer programs offer much lower down payment requirements. keep reading
When you’re saving to buy a home, you want it to go as quickly as possible. Right? But, based on your current salary, how long will it really take you to save for that down payment? Realtor.com analyzed how long it would take 12 different professions to save for a 20 percent down payment on a $275,000 home. keep reading
Despite affordability challenges in today’s market, the National Association of REALTORS® 2016 Profile of Home Buyers and Sellers shows a rebound in first-time homebuyers and single women.
Who are today’s first-time hombuyers?
The first-time homebuyer rate dropped for three years, but now it’s up to 35 percent of total buyers. That’s the highest since 2013 (38 percent). In the 35-year history of NAR’s survey, the long-term average of first-time buyer transactions is 40 percent. Plus, more younger buyers are entering the market—61 percent of the first-time homebuyers were under age 35. Single females represented 17 percent of total purchases (highest since 2011 at 18 percent).
The median age of first-time buyers in this year’s survey was 32 with an income of $72,000, up from $69,400 last year. New buyers purchased a slightly larger home that was more expensive, now averaging $182,500. keep reading