{"id":17883,"date":"2020-10-05T13:43:24","date_gmt":"2020-10-05T13:43:24","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17883"},"modified":"2020-10-05T13:43:24","modified_gmt":"2020-10-05T13:43:24","slug":"millennials-underestimate-down-payment-needs","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/millennials-underestimate-down-payment-needs\/","title":{"rendered":"Millennials Underestimate Down Payment Needs"},"content":{"rendered":"

Millennials Underestimate Down Payment Needs<\/h1>\n
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The pandemic is motivating more millennials to feel like they\u2019re finally ready to buy a home. But do they have the savings to do it?<\/p>\n

Seventy-four percent of millennials\u2014ages 25 to 40\u2014recently surveyed by Point2Homes say they are interested in purchasing a home in the next 12 months. However, 88% say they have significantly less savings than the average national down payment amount, which is $62,600, according to the study. Fourteen percent of millennials surveyed admit they have nothing saved up for a home.<\/p>\n

Certainly, down payment programs exist for those in need of help. But whether these programs will be sufficient for home shoppers whose savings are so tight is doubtful, financial experts say. Down payments of 0% and 5% are possible with a home purchase, but they tend to come at higher costs.<\/p>\n

Forty percent of the millennials surveyed say they set aside 10% or less of their income for a down payment. What\u2019s more, 40% of respondents believe that savings of $10,000 or less would be enough to buy a home. \u201cBut even if they\u2019re considering 0%, 3%, or 5% down payment mortgages, very few of the 100 largest cities in the country have houses for sale that are spacious enough to meet millennials\u2019 pandemic-induced demands,\u201d the researchers note.<\/p>\n

Those millennials who hope to buy a home of their own may be able to save more as they move back in with their families\u2014an increasingly popular trend since the pandemic. \u201cThe coronavirus outbreak has pushed millions of Americans, especially young adults, to move in with family members,\u201d the survey notes. \u201cThe share of 18- to 29-year-olds living with their parents has become a majority since U.S. coronavirus cases began spreading early this year, surpassing the previous peak during the Great Depression era.\u201d The number living with parents grew to 26.6 million, an increase of 2.6 million from February. Assuming these young adults still have jobs, they may be able to ramp up their savings more for a down payment to eventually buy a home of their own.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cHome Within a Year, But Saving Takes Up to 10 Years<\/a>,\u201d Point2Homes (Sept. 29, 2020)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Millennials Underestimate Down Payment Needs The pandemic is motivating more millennials to feel like they\u2019re finally ready to buy a home. But do they have the savings to do it? Seventy-four percent of millennials\u2014ages 25 to 40\u2014recently surveyed by Point2Homes say they are interested in purchasing a home in the next 12 months. However, 88% … <\/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-17883","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":"\nMillennials Underestimate Down Payment Needs - 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\/millennials-underestimate-down-payment-needs\/\" \/>\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\\\/millennials-underestimate-down-payment-needs\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/millennials-underestimate-down-payment-needs\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Millennials Underestimate Down Payment Needs\",\"datePublished\":\"2020-10-05T13:43:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/millennials-underestimate-down-payment-needs\\\/\"},\"wordCount\":363,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/millennials-underestimate-down-payment-needs\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/millennials-underestimate-down-payment-needs\\\/\",\"name\":\"Millennials Underestimate Down Payment Needs - 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