Saving for a home can take time for home buyers.
What is the length of time Buyers take to save for a down payment?
What are your saving strategies for a Down Payment? According to 37 percent saved for six months or less, 15 percent saved for six to 12 months, and 10 percent saved for 12 to 18 months. Home buyers often make sacrifices on their path to homeownership. 72 percent cut spending on luxury or non-essential items, 56 percent cut spending on entertainment, and 45 percent cut spending on clothes.”at the National Association of REALTORS®, “Among recent home buyers,
The article goes on to say, “There is a light at the end of the tunnel for those saving. Eighty-eight percent of recent home buyers financed their home purchase. The typical downpayment was 10 percent for all buyers, but six percent for first-time home buyers and 13 percent for repeat home buyers.
The payoff for home buyers is worth it. Seventy-nine percent of recent buyers believe their home is a good financial investment, and many believe it is a better financial investment then stocks. Aside from the financial investment, buyers were able to successfully complete their goal which was just to own a home of their own.”
Jessica Lautz is the Director of Survey Research and Communications. Jessica analyzes data and writes annual studies such as the Member Profile, the Profile of Home Buyers and Sellers, and the Commercial Member Profile.
Buyers, got Questions? We have Answers.
It’s not unusual to have questions. Ensure you are a knowledgeable home buyer, prepared to make a confident home buying decision, read our Frequently Asked Questions, a.k.a. our FAQs page. If you don’t see the answer, email us. We look forward to helping you!