HIGHLIGHTS
Financing the Home Purchase:
Financing the Home Purchase:
- 87 percent of recent buyers financed their home purchase. Those who financed their home purchase typically financed 88 percent.
- First-time buyers who financed their home typically financed 93 percent of their home compared to repeat buyers at 84 percent.
- 58 percent of buyers, the source of the downpayment came from their savings. Thirty-eight percent of buyers cited using the proceeds from the sale of a primary residence, which was the next most commonly reported way of securing a downpayment.
- 11 percent of buyers, the most difficult step in the home buying process was saving for a downpayment.
- Of buyers who said saving for a downpayment was difficult, 47 percent of buyers reported that student loans made saving for a downpayment difficult. Forty-three percent cited high rent/mortgages and 36 percent cited credit card debt also making saving for a downpayment hard.
- Buyers continue to see purchasing a home as a good financial investment. Eighty-three percent reported they view a home purchase as a good investment.
https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers#homebuyers
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