Higher pricepoints are increasing the amount buyers need to put down on a home and are lengthening the wait
By Steve Cook | inman
Rising home prices and rising rents are making it harder for renters to save for a down payment. Younger and wealthier potential buyers find it harder than most to save what they need for a down payment today.
Yet more than half of renters are confident they will be able to buy a home, and one out of four plan to buy within the next five years.
For renters hoping to purchase a home, saving for a down payment is as great a challenge as ever, but rising home prices are making it even harder for many to save what they need to get into their first homes.
Zillow’s new Home Aspirations Report found that two out of three renters (67.9 percent) consider saving the cash for a down payment to be their greatest barrier to homeownership.