Do 21 Million Under 40 Renters Know Their Homeownership Potential?
Saving for a down payment is a considerable barrier to homeownership. With rising home prices and interest rates and tight lending standards, the path to homeownership has become more challenging, especially for low-to-median-income borrowers and potential first-time homebuyers.
Yet most potential homebuyers are largely unaware that there are low– and no–down payment assistance programs available to help eligible borrowers secure an affordable down payment.
According to the updated and expanded Urban Institute Barriers to Homeownership report, commissioned by Down Payment Resource and Freddie Mac, there are about 21 million mortgage-ready renters under 40 in the 31 largest US cities.
In addition, most (about 88%) of the mortgage-ready millennials in the US earn enough to afford a typical house in their city.
Read more at Down Payment Resource.