Ideal down payments are out of reach for most buyers

Dated: July 6 2024

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A Zillow analysis found that a median-income household in the Philadelphia region would need a down payment of more than $100,000 to afford monthly mortgage payments on a median-priced home. A down payment can lower the cost of monthly mortgage payments — but other up-front costs can be major hurdles to buying a home, especially for first-time home buyers without extra cash on hand from the equity in a previous home. Home buyers have been told to aim for at least a 20% down payment, but soaring home prices are putting that number out of reach for most, according to the Zillow report. Some buyers are spending more than their budget allows on homes, while others purchase less-than-ideal properties and some are completely priced out of the market. 
Source: Philadelphia Inquirer; 6/26/2024

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Pete McGuinn

Pete McGuinn - Your Trusted RE/MAX Main Line Real Estate Expert With over 22 years of experience as a full-time REALTOR® at RE/MAX Main Line, Pete McGuinn is a distinguished real estate professional....

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