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Shane Anderson | Blog

Wednesday, October 21, 2020   /   by Shane Anderson

DO YOU HAVE ENOUGH MONEY SAVED FOR A DOWN PAYMENT?

Do You Have Enough Money Saved for a Down Payment?





One of the biggest misconceptions for first-time homebuyers is how much you’ll need to save for a down payment. Contrary to popular belief, you don’t always have to put 20% down to buy a house. Here’s how it breaks down.


A recent survey by Point2Homes mentions that 74% of millennials (ages 25-40) say they’re interested in purchasing a home over the next 12 months. The study notes, “88% say they have significantly less savings than the average national down payment amount, which is $62,600.”


Thankfully, $62,600 is not the amount every buyer needs for a down payment in the United States. There are many different options available, especially for first-time homebuyers (millennial or not). That amount can also be significantly less, depending on the purchase price of the house.


According to the National Association of Realtors (NAR), &ldqu ...

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  home loans, housing market, anderson residential group, shane anderson