A Breakdown of Prospective Millennial Buyers
■ 89% of Millennial renters say they plan to buy a home someday
■ 4% expect to buy in 2019
■ 30% say they will wait at least 5 years
■ 72% see affordability as the biggest obstacle for their purchase
■38% say they have bad credit
■ 29% say the monthly payments for a home are an obstacle
■ 62% specify a lack of money for a down payment
■ 11% have saved $10,000 or more for a home
■ 48% have zero down payment savings
These statistics came from a new survey conducted by Apartment List, a rental property database company. There are many loan programs available that only look for a 3 to 3.5% down payment.
In addition, there are some loan programs, including the VA loan program and the USDA Rural Development loans, that require zero down payment.
Other Millennials expect to receive help from friends and relatives for their down payment.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400. Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.