According to the American Dream survey and Trulia.com., more than 50% of those renting say they would love to buy a home but their biggest obstacle is saving enough money for their down payment. The survey was done between August 30,2011 and September 1, 2011 with 1,392 homeowners and 758 renters.
70% of participants said buying and owning their home is part of their dream. It also showed the older the respondent the more the urge to own set in. 65% of 18-34 year old to 76%, 55 and older.
80% of the current homeowners were planning on buying another home in the future while 57% looked at homeownership as the best long term investment they could ever make. With 59% of renters aspiring to own their own home and only 8% of among those had the means to save up for the expected down payments.
A down payment on a home can be any where from 3.5% down and up. Talk to a lender to find out what the best option is for you. Also, if you are a first time home buyer, check out programs like OHFA. Are you a Doctor? There are special loans for that as well.
Do your research on choosing the best lender, mortgage option, etc!
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