Half of buyers fret about down payments
According to a new study, more than half of Americans who have or plan to purchase a home admit they’re concerned about the ability to afford a home in the current market. The study is based on a survey of 1,000 consumers and was released by national online lender Laurel Road. One of the biggest barriers to affordability, respondents said, is the down payment.
Nearly half – or 46 percent – of Americans say they are unfamiliar with alternative down payment options, according to the survey. Nearly three in five respondents – or 58 percent – plan to put down a traditional 20 percent down payment.
One-third of respondents expressed concern that they could not confidently afford a 20-percent down payment. Among those with student loan debt, even more consumers said they do not feel confident.