The Average Down Payment For All Homeowners is 12%
One of the most common misconceptions about buying a home is the amount you need to pay for a down payment. The common value we hear is that you need to have a 20% down payment or you will not be able to buy a home. Will not having a 20% down payment make or break my home purchase? Absolutely not.
While having a significant down payment can help save you money in the long run, it is far from required in today’s marketplace. First-time homeowners average a 7% down payment when they buy their home. All homebuyers average 12% and repeat homebuyers average 16%.
For many potential homebuyers, the down payment is an area where a majority of uncertainty is centered. More often than not, it is the…