According to NAR’s Profile of Home Buyers and Sellers, 87 percent of non-homeowners believe they need a down payment of 10 percent or more to buy a home. However, the same report shows that the median down payment for first-time buyers has been 6 percent for the last three years. This means renters who believe homeownership to be financially out of reach may have options. Potential buyers should concentrate on improving their credit score and managing their debt level.
Take a look at NAR’s Aspiring Home Buyer Profile for more information about the current issues affecting renters. Speak with some renters in your area about their plans and opinions regarding homeownership. Chat with a REALTOR® in your area about former renters they helped make the leap to homeownership.