[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1wfiomq5z84cr":3,"$ffeh0925h8cuz":38,"$fbwk2pqjjqsc7":42},{"item":4,"previous":26,"next":32},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":25,"updatedAt":25},1731,"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, \u003Cstrong>you don’t always have to put 20% down to buy a house\u003C\u002Fstrong>. Here’s how it breaks down.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F10\u002F09123916\u002F20201013-KCM-Share.jpg","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, \u003Cstrong>you don’t always have to put 20% down to buy a house\u003C\u002Fstrong>. Here’s how it breaks down.\u003C!--more-->\r\n\r\nA recent survey by \u003Cem>Point2Homes\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fmagazine.realtor\u002Fdaily-news\u002F2020\u002F10\u002F01\u002Fmillennials-underestimate-down-payment-needs\">mentions\u003C\u002Fa> that 74% of millennials (ages 25-40) say they’re interested in purchasing a home over the next 12 months. The study notes, “\u003Cem>88% say they have significantly less savings than the average national down payment amount, which is $62,600\u003C\u002Fem>.”\r\n\r\nThankfully, $62,600 is \u003Cstrong>not the amount every buyer needs for a down payment\u003C\u002Fstrong> 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.\r\n\r\nAccording to the \u003Cem>National Association of Realtors \u003C\u002Fem>(NAR), “\u003Cem>The median existing-home price for all housing types in August was \u003C\u002Fem>\u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fnewsroom\u002Fexisting-home-sales-hit-highest-level-since-december-2006\">\u003Cem>$310,600\u003C\u002Fem>\u003C\u002Fa>\u003Cem>.\u003C\u002Fem>” \u003Cem>(These are the latest numbers available).\u003C\u002Fem> NAR also \u003Ca href=\"https:\u002F\u002Fcdn.nar.realtor\u002Fsites\u002Fdefault\u002Ffiles\u002Fdocuments\u002F2020-downpayment-expectations-and-hurdles-to-homeownership-report-04-16-2020.pdf\">indicates\u003C\u002Fa> that:\r\n\u003Cblockquote>\u003Cem>“In 2019, the median down payment was 12 percent for all buyers, \u003Cstrong>six percent for first-time buyers\u003C\u002Fstrong>, and 16 percent for repeat buyers.” (See graph below):\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F10\u002F20201013-MEM-Eng-1.jpg\">\u003Cimg class=\"aligncenter wp-image-43173\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F10\u002F20201013-MEM-Eng-1.jpg\" alt=\"Do You Have Enough Money Saved for a Down Payment? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>That means if a qualified first-time buyer purchases a home at today’s median price, \u003Cstrong>$310,600, \u003C\u002Fstrong>with a \u003Cstrong>6% down payment\u003C\u002Fstrong>, in reality, the down payment only amounts to \u003Cstrong>$18,636\u003C\u002Fstrong>. That’s nowhere near $62,600.\r\n\r\nKnowing there are also programs like \u003Ca href=\"https:\u002F\u002Fwww.hud.gov\u002Fbuying\u002Floans\">FHA\u003C\u002Fa> where the \u003Cstrong>down payment can be as low as 3.5%\u003C\u002Fstrong> of the purchase price for a first-time buyer, that up-front cost could be significantly less – as little as \u003Cstrong>$10,871\u003C\u002Fstrong> for the same home noted above. There are also other programs like \u003Ca href=\"https:\u002F\u002Fwww.rd.usda.gov\u002Fnewsroom\u002Fnews-release\u002Fusda-rural-home-loans-offer-100-financing-and-no-down-payment\">USDA\u003C\u002Fa> and loans for \u003Ca href=\"https:\u002F\u002Fwww.benefits.va.gov\u002Fhomeloans\u002Findex.asp\">Veterans\u003C\u002Fa> that waive down payment requirements.\r\n\r\nThe \u003Cem>Point2Homes \u003C\u002Fem>study also shares how much millennials have indicated they’ve saved for a down payment. As we can see in the graph below, 39% have already saved enough for a down payment on a median-priced home. Another 47% are close to reaching that goal, depending on the purchase price of the home.\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F10\u002F20201013-MEM-Eng-2.jpg\">\u003Cimg class=\"aligncenter wp-image-43174\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F10\u002F20201013-MEM-Eng-2.jpg\" alt=\"Do You Have Enough Money Saved for a Down Payment? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>Unfortunately, the lack of knowledge about the homebuying process is keeping many motivated first-time buyers on the sidelines. That’s why it’s important to contact a local real estate professional to understand the requirements in your local area if you want to buy a home. A trusted agent and your lender can guide you through the process.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nBe careful not to let big myths about homebuying keep you and your family out of the housing market. Let’s connect to discuss your options today.","\r\nBe careful not to let big myths about homebuying keep you and your family out of the housing market. Let’s connect to discuss your options today.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F10\u002F20201013-MEM-Eng-1.jpg",false,[17,21],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},9,"Home Prices","home-prices","2020-10-13T10:00:28Z",{"id":27,"slug":28,"title":29,"featuredImage":30,"publishedAt":31,"contentType":10,"isVideo":15},1730,"6-reasons-youll-win-by-selling-with-a-real-estate-agent-this-fall","6 Reasons You’ll Win by Selling with a Real Estate Agent This Fall","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F10\u002F09103106\u002F20201012-KCM-Share.jpg","2020-10-12T10:00:31Z",{"id":33,"slug":34,"title":35,"featuredImage":36,"publishedAt":37,"contentType":10,"isVideo":15},1732,"the-1-reason-not-to-wait-to-list-your-house-for-sale","The #1 Reason Not to Wait to List Your House for Sale","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F10\u002F09133228\u002F20201014-KCM-Share.jpg","2020-10-14T10:00:13Z",{"cover":39,"open":40,"shareSpread":41},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[43,47,48,52,56,60,61,65,69,73,77,81,85,89,93,97,101,105,109,113,117,121,125,129,133,137,141,145,149,153],{"id":44,"name":45,"slug":46},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":49,"name":50,"slug":51},6,"For Sellers","sellers",{"id":53,"name":54,"slug":55},7,"Foreclosures","foreclosures",{"id":57,"name":58,"slug":59},8,"Infographics","infographics",{"id":22,"name":23,"slug":24},{"id":62,"name":63,"slug":64},11,"First-Time Buyers","first-time-buyers",{"id":66,"name":67,"slug":68},34,"Senior Market","senior-market",{"id":70,"name":71,"slug":72},35,"Mortgage Rates","mortgage-rates",{"id":74,"name":75,"slug":76},38,"Move-Up","move-up",{"id":78,"name":79,"slug":80},41,"For Sale by Owner","for-sale-by-owner",{"id":82,"name":83,"slug":84},42,"Featured","featured",{"id":86,"name":87,"slug":88},45,"New Construction","new-construction",{"id":90,"name":91,"slug":92},52,"Luxury \u002F Vacation","luxury--vacation",{"id":94,"name":95,"slug":96},53,"Rent vs. Buy","rent-vs-buy",{"id":98,"name":99,"slug":100},80,"Time-sensitive","time-sensitive",{"id":102,"name":103,"slug":104},81,"Outdated","outdated",{"id":106,"name":107,"slug":108},147,"Internal","internal",{"id":110,"name":111,"slug":112},148,"Do Not Autopost","do-not-autopost",{"id":114,"name":115,"slug":116},320,"Inventory","inventory",{"id":118,"name":119,"slug":120},321,"Agent Value","agent-value",{"id":122,"name":123,"slug":124},322,"Affordability","affordability",{"id":126,"name":127,"slug":128},323,"Buying Tips","buying-tips",{"id":130,"name":131,"slug":132},324,"Downsize","downsize",{"id":134,"name":135,"slug":136},325,"Economy","economy",{"id":138,"name":139,"slug":140},326,"Equity","equity",{"id":142,"name":143,"slug":144},327,"Forecasts","forecasts",{"id":146,"name":147,"slug":148},328,"Selling Tips","selling-tips",{"id":150,"name":151,"slug":152},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":154,"name":155,"slug":156},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]