The National Association of Realtors (NAR) recently released a number of economic reports. One summarized the average down payments provided by home buyers for different parts of the country. (We’re in the East South Central, along with WI, IL, IN and OH.) Our area works out to be in the 5% zone (lowest in the country), but the figures vary greatly and the national average is 8% down payment. Middle Atlantic States (NY, PA, NJ) led the crowd with an average 12% down payment amount.
I know from working with local lenders that even the ‘affordable’ housing purchase programs are now requiring some form of down payment or increasing the percentage needed to purchase. 100% financing may be on the way out, and that is probably a good thing.
Another recent report highlights the fact that nationwide rents are increasing. The report does not specify amounts, but merely indicates that monthly rentals are getting more expensive. With the foreclosures that are still occurring, this is not a surprise. Those folks will have a short term reality of renting for the most part.
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