Around half of potential homebuyers say they can't afford a down payment and closing costs on a property in the U.S. because they don't make enough money and living costs are too high, a new Bankrate survey finds.
Considering that down payments are often 20% of the home price, they represent a considerable upfront cost for most buyers.
Closing costs, at usually about 3% to 6% of the mortgage loan, are often quite expensive too.
Bankrate surveyed 864 U.S. adults January 2024 who are aspiring or prospective homeowners, which includes those who have owned a home in the past but currently don't, as well as first-time homebuyers.
And as home prices continue to rise, the size of down payments are likely to grow as well.
Persons:
Bankrate
Locations:
U.S