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 isalways required 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.
Bottom Line
If you are one of the many renters now realizing that the home of your dreams is obtainable now, contact a local real estate professional who can guide you through the process.
The J Team Fort Lauderdale can help you with a homebuyers consultation! You may qualify to buy a home now with as little as 3% down, and if you are a Veteran 0% down! There are so many options and programs out there to help homebuyers! Contact The J Team Fort Lauderdale at 954-235-3589 today!
Search Fort Lauderdale Homes for sale now at http://JteamFL.com
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