The Down Payment Reality Report

home-buyer-down-payment-dilemma

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Updated · 8 min read
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Edited by Tim Manni
Lead Assigning Editor
Fact Checked

As more millennials reach the ages when they're considering buying their first homes, the dire predictions that they would be too burdened by student loans or are too fond of pricey treats like avocado toast to qualify for mortgages have not come true. Millennials (ages 18-34) plan to buy homes in the next five years in much greater numbers than Generation X (ages 35-54) or baby boomers (55+), according to a new NerdWallet study.

Coming up with a large sum of money for a down payment is one of the biggest obstacles to homeownership. To explore what millennials and other generations of Americans understand about down payments, how they overcome this stumbling block and what else might be keeping them from buying a home, NerdWallet recently commissioned an online survey of more than 2,000 U.S. adults conducted by Harris Poll.

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Mortgage loans from our partners

New American Funding - PURCHASE logo
Check Rate

on New American Funding

New American Funding

4.5

NerdWallet rating 
New American Funding - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
500

Min. down payment 
3.5%

Check Rate

on New American Funding

Rocket Mortgage - PURCHASE logo
Check Rate

on Rocket Mortgage

Rocket Mortgage

5.0

NerdWallet rating 
Rocket Mortgage - PURCHASE logo

5.0

NerdWallet rating 
Min. credit score 
580

Min. down payment 
3.5%

Check Rate

on Rocket Mortgage

Veterans United - PURCHASE logo
Check Rate

on Veterans United

Veterans United

4.5

NerdWallet rating 
Veterans United - PURCHASE logo

4.5

NerdWallet rating 
Min. credit score 
620

Min. down payment 
0%

Check Rate

on Veterans United