Did You Know: Consumers and Down-Payment Requirements

June 21, 2010

By Selma Lewis, Research Economist

Did you know: 49 percent of consumers say they would never be able to save for a down-payment for a home?

The graph represents the poll results from the National Foundation for Credit Counseling (NFCC). The poll asked consumers about ability to meet the down-payment requirements associated with buying a home in today’s market.

Of the more than 2,000 respondents, almost half (49 percent) believed they would never be able to save enough money for a down-payment on a home. Others responding to the survey indicated that their mortgage loan would either have to require a much lower down-payment (20 percent), or they would have to borrow the down-payment regardless of how much it was (18 percent). The lowest number of respondents indicated that they’d have no trouble coming up with a 20 percent down-payment (12 percent).

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