Home Financing, by Generation

  • 88% of buyers financed their home purchase, including 97% of generation Y
  • YOUNGER BUYERS PUT LESS MONEY DOWN: Generation Y put down an average of 5% and generation X put down 10%, compared to the silent generation who put down an average of 23%

 

12% of buyers thought that saving for a down payment was difficult .


 

SOURCES OF DOWN PAYMENT

  • 64% of buyers dipped into their savings or a gift from a relative or friend
  • 31% of buyers used the proceeds from the sale of a primary residence
  • Older buyers were more likely to use the proceeds from their home sale

EXPENSES THAT IMPACTED SAVING

  • 42% said student loans, which was cited by more than half of generation Y buyers
  • 38% said credit card debt, which was cited by almost half of Baby Boomers and generation X buyers
  • 31% said car loans

Thanks to Holly Schuler at Gracy Title for this information!

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