Consumers say 10 percent is the ideal down payment
More than half of Americans say they would prefer to put 10-percent down on a home purchase rather than 15 percent, 20 percent, or 30 percent, according to mortgage banker American Financing’s 2017 Mortgages in America survey. The 10-percent down payment option was the lowest among the choices respondents were given in the survey. It also was the most popular choice across generational divides including millennials, Generation Xers and baby boomers.
The average down payment on a home purchase in 2016 was 11 percent, according to the National Association of REALTORS’ 2017 Aspiring Home Buyers Profile. Borrowers under the age of 35 put down an average of 8 percent, according to NAR’s report.