According to a survey, there are Americans who need more than five years to save and reserve a property.
Currently, buy your own house it turned into a very difficult task for those who live in USA. According to a survey of Bankrateabout half of the buyers They admitted that they cannot afford a unusual down payment and the closing costs due to insufficient incomeand furthermore, the living costs are excessively high.
How much is the down payment for a property in the United States
The initial payments of one property They usually represent the 20% of the house price; Additionally, closing costs generally range from 3% and 6% of the mortgage loanwhich are also usually quite high.
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In a survey conducted by Bankrate to 864 adults Americans in January 2024who are aspiring or prospective homeowners, were asked why they couldn’t afford the upfront costs of a living place. The main reasons they gave were:
- Income is not high enough: 54%
- The cost of living is too high: 51%
- Credit card debt: 18%
- Family/friends cannot help: 15%
- Student loan debt: 10%
How many years do you have to save to buy a home in the United States?
When asked when they would be able to pay the down payment, the twenty% of those surveyed explained that “never”; while another 30% he said that it would take more than five years to save enough money to make the initial payment.
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According to the United States Census Bureausince 2020, the prices of households have increased a 16% for a mid-priced home valued at $417,700. An initial payment of fifteen% would cost $62,655.
That’s a lot of money considering that the average income of a home in the United States is $74,580according to census data of the American Union of 2022. And private insurance, which is required for initial payments lower than twenty% of the total mortgagetypically costs between 0.46% and 1.5% of the payment amount. loanaccording to the Urban Institute.
Many experts predict that fixed rates average to 30 years will slowly descend from 7% to 6%which might not happen until the end of 2024.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
