WASHINGTON/ Jan. 8, 2018 (STLRealEstate.News) — A strengthening U.S. economy, rising home values and the ongoing stretch of remarkable job creation sparked both growing demand and ability to purchase a home over the past year.
While supply and affordability constraints are indeed making homebuying a challenging endeavor for many households, data from the National Association of Realtors®’ 2017 Profile of Home Buyers and Sellers reveals some hopeful news: an overwhelming majority of successful buyers obtained a mortgage and made a down payment of less than 20 percent.
Here is a look at how recent buyers purchased their home:
- Median purchase price – $235,000
- Obtained a mortgage – 88%
- Down payment amount – 10 percent
- Down payment sources – savings (59 percent); sales proceeds from previous home (38 percent)
- Received down payment help from family/friends – 16 percent
- Obtaining a mortgage was not difficult/easier than expected – 66 percent
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.