A single homebuyer would need to save for nearly 11 years to reach a 20 percent down payment on the typical U.S. home By Jeff Sorg, OnlineEd Blog (February 17, 2018) SEATTLE /PRNewswire/ — In today’s highly competitive housing market, finding an affordable home can feel increasingly out of reach, especially for singles. A single homebuyer would […]
Homeowners making the nation’s median income and purchasing the typical home spend 15.3 percent of their income on their monthly house payment. On average, U.S. renters spent 29.9 percent of their monthly income on rent in the third quarter of 2014.
The FBMSI is the first time the national first-time buyer share has been calculated using a nearly complete dataset with minimal opportunity for sample error. This is in contrast to the 2014 survey conducted by the National Association of Realtors (NAR), which was based on responses constituting only 0.2 percent of all purchase loans originated during the 12 month survey period and was voluntary, with responses received from only 9 percent of those mailed the 127-question survey.