Will 3% down payments boost millennial homeownership?

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The map below shows what percentage of a 3% down payment is covered by the average tax refund by taking into account the median price of homes sold by state. The darker the blue, the closer your tax refund gets you to homeownership!

This report is a comprehensive study of millennial homeownership. The key findings are the following: Millennials are less likely to be homeowners than baby boomers and Gen Xers. The homeownership rate among millennials ages 25 to 34 is 8 percentage points lower than baby boomers and 8.4 percentage points lower than Gen Xers in the same age group.

Nearly 45 million Americans will enter their mid-30s over the next 10 years, or 3.1 million more. 1.5 years to save for a down payment than they did 30 years ago, according to Zillow. More.

Will 3% downpayments boost millennial ownership? It’s too soon to know which lenders will offer just-announced lower downpayment rates, but one analyst expects it to help a significant number of Fla. buyers.

Millennials are largely unaware of down-payment options. Many lenders underwrite loans with down payments as low as 0% to 6%, the most popular option for first-time homebuyers and those with lower credit ratings [18]. RealtyTrac estimates that about 30% of all homebuyers put down 3% or less on the cost of the home.

You might only need a 3% down payment. You could only need 3% for a down payment Fannie Mae found that 64% of millennial renters were completely unfamiliar with programs allowing down payments in the 3-5% range.

 · Long-Term Trends. Homeownership in the U.S. declined across the board from 2016 to 2006, from 67.3% to 63.1%. And white homeownership, too, fell from 74% in 2006 to 70.2% in 2016. The decline in minority homeownership largely mirrors the bursting of the housing bubble and the economic recession of 2008.

Many young adults dream of becoming homeowners. 89% of millennials would like to purchase a home, or so says a survey by the website Apartment List. But most younger Americans aren’t anywhere close.

According to research, it would take the average American more than a decade to save up for a 20% down payment on a median-priced home. For those looking to buy a home within the near future, that’s simply not feasible. The good news, however, is that a 3% down payment is well within reach for many homebuyers.