Online Survey Shows Split In Funding Home Down Payment
Published Tuesday, November 22, 2016 at: 7:00 AM EST
Are you looking to purchase a home with your significant other? According to a new survey by NerdWallet, a personal finance website, 41% of couples reported that they each put up roughly half of the down payment. That's a far cry from the days when a main breadwinner usually paid the lion's share.
The online survey, conducted by the Harris Poll midway through 2016, examined the sources of home down payments, as well as common disagreements and fears that may have plagued buyers. The respondents included more than 2,000 adults age 18 and older.
Other highlights of the survey:
11% of women contributed all of the down payment or more than their partner did.
Homeowners needed to save an average of three years before buying their current home.
One in four homeowners saved money monthly to put toward the down payment.
42% of millennial homeowners (age 18 to 34) saved monthly for a down payment when they purchased their current home, while only 29% of Gen X homeowners (35-54) did the same.
More than half (52%) of millennials needed to save money before purchasing their current home.
More male homeowners needed to save before buying a home (47%) than females (32%).
This article was written by a professional financial journalist for The Hogan-Knotts Financial Group and is not intended as legal or investment advice.