Saving for a down payment is potentially the biggest hurdle to homeownership among young or first-time home buyers.
Putting 20% down on a mortgage allows buyers to avoid mortgage insurance and keep monthly payments lower.
Lately, the 20% down payment standard has become less attainable for today’s home shoppers.
According to the 2018 Zillow Group, only 43% of buyers nation-wide are putting down 20% or more. Almost one-fourth of buyers put down only 5% or less.
Show Prep Courtesy: https://www.zillow.com/report/2018/