Majority Of Americans Say They Want To Buy
Majority Of Americans Say They Want To Buy
That the vast majority of Americans want to own their own home isn't in question. In fact, a recent survey from the National Association of Realtors found that, among non-homeowners, 87 percent said they want to buy a home in the future. But, if there are that many people who want to buy a house and haven't, what are some of the reasons why?
Well, affordability ranks high. Many people who have yet to buy don't feel financially able. Some of that has to do with the fact that the majority of non-homeowners are young and making under $50,000 per year. However, some of it also has to do with misconceptions about the buying process. For example, 39 percent of non-owners believe they'd need a down payment of more than 20 percent in order to buy a house. That is untrue.
Depending on the type and terms of your loan, you should be able to put down far less. For example, the NAR found the median down payment among first-time buyers has actually been 6 percent for the past three years. William Brown, NAR's president, says non-owners have more options than they think.
“There are mortgage options available for creditworthy borrowers with manageable levels of debt and smaller down payments,” Brown said. “Those interested in buying their first home in 2017 should review their finances, sit down with a lender to see if they qualify for a mortgage and find a Realtor to help them get started on their home search.