{"id":7146,"date":"2014-11-07T14:50:00","date_gmt":"2014-11-07T14:50:00","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=7146"},"modified":"2014-11-07T15:17:00","modified_gmt":"2014-11-07T15:17:00","slug":"home-sales-payments-debt","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/home-sales-payments-debt\/","title":{"rendered":"Home sales down because of: Down Payments or Debt?"},"content":{"rendered":"

Home sales down because of: Down Payments or Debt?<\/h2>\n
\"Home<\/a>

Home sales down because of: Down Payments or Debt? Image courtesy of marin \/ FreeDigitalPhotos.net<\/p><\/div>\n

Debt \u2014 like student loans and car payments \u2014 can create the biggest barrier to home ownership, more so than saving for a down payment, according to a new analysis by RealtyTrac.<\/p>\n

RealtyTrac analyzed affordability in 500 counties and found that one of the biggest obstacles potential buyers face is any non mortgage debt they may carry as they try to qualify for a loan.<\/p>\n

Such extra debt loads are making housing payments less affordable in many markets across the country. For example, the addition of debts such as student loans and car payments made monthly house payments affordable in less than half \u2014 48 percent \u2014 of U.S. housing markets, assuming a 3 percent down payment, according to RealtyTrac\u2019s analysis. Borrowers with extra debt who can come up with a larger down payment may find affordability easier to achieve, however. With a down payment of 20 percent, for example, about 78 percent of the country\u2019s housing markets become affordable, even when carrying student loan debt and a car payment.<\/p>\n

For borrowers without any additional debt, they\u2019ll find affordability high. Their monthly house payments were affordable in more than 90 percent of U.S. housing markets, even with just a 3 percent down payment, according to RealtyTrac\u2019s analysis.<\/p>\n

Still, saving for a down payment can be a big obstacle to home ownership too. It takes an average of 12.5 years to save for a 20 percent down payment on a median-priced home at the current annual savings rate of 5.6 percent, according to the St. Louis Federal Reserve. It takes an average of less than two years to save up for a 3 percent down payment.<\/p>\n

But researchers note there are down payment assistance programs available. In fact, there are more than 2,300 down payment and closing costs programs nationwide, offering assistance amounts, on average, of $19,720, according to data collected by the Down Payment Resource.<\/p>\n

\u201cThe narrative is that it’s too hard to get a loan today, and when first-time buyers believe that, they won’t even begin their search. That hurts the overall housing market,\u201d says Rob Chrane of Down Payment Resource. \u201cConsumers for the most part have no idea that these programs exist, so they don\u2019t think to ask for them. Whatever your situation is, whatever you have for a down payment, you could be in a much better situation if you find out you are eligible for one of these programs.\u201d<\/p>\n

Source: \u201cThe Biggest Drag on Home Ownership: Down Payments or Debt?\u201d RealtyTrac (Nov. 4, 2014)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Home sales down because of: Down Payments or Debt? Debt \u2014 like student loans and car payments \u2014 can create the biggest barrier to home ownership, more so than saving for a down payment, according to a new analysis by RealtyTrac. RealtyTrac analyzed affordability in 500 counties and found that one of the biggest obstacles … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-7146","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nHome sales down because of: Down Payments or Debt? - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/home-sales-payments-debt\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-sales-payments-debt\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-sales-payments-debt\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Home sales down because of: Down Payments or Debt?\",\"datePublished\":\"2014-11-07T14:50:00+00:00\",\"dateModified\":\"2014-11-07T15:17:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-sales-payments-debt\\\/\"},\"wordCount\":448,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-sales-payments-debt\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/11\\\/ID-100132582.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-sales-payments-debt\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-sales-payments-debt\\\/\",\"name\":\"Home sales down because of: Down Payments or Debt? - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-sales-payments-debt\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-sales-payments-debt\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/11\\\/ID-100132582.jpg\",\"datePublished\":\"2014-11-07T14:50:00+00:00\",\"dateModified\":\"2014-11-07T15:17:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-sales-payments-debt\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-sales-payments-debt\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/home-sales-payments-debt\\\/#primaryimage\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/11\\\/ID-100132582.jpg\",\"contentUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2014\\\/11\\\/ID-100132582.jpg\",\"width\":400,\"height\":341,\"caption\":\"Home sales down because of: Down Payments or Debt? 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