You Don't Need 20% Down to Purchase a Home
November 19, 2023
One of the biggest misconceptions for renters is the amount of down payment needed. Only 11% realize that a home could be purchased with just 5% down, and about 45% believe that a down payment of around 20% is needed. This is according to a 2023 survey from the National Association of Realtors.
Additionally, two-thirds of millennial renters say they don’t have enough saved for a down payment, but that's because many felt they needed to save 20% of the purchase price according to Apartment List.
If you are renting, you are getting left behind. The average homeowner has a net worth 40 times higher than that of a renter. Many millennials are already seeing this. For the first time ever, 50% of millennials are now homeowners.
Rents will likely continue to rise! Don’t miss your chance to start building wealth through homeownership today. Reach out to me so I can share more about the benefits of owning a home.
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Did you know that many renters in Kitsap County have the financial capacity to buy a home but remain in the rental market? If you’re one of them, you might be asking: why stay in a rental when you qualify to purchase a starter home or maybe even your dream home?
