What Does It Take To Get Onto The Property Ladder Today?
The majority of us grow up with our hearts set on owning a home one day. In recent years, it has become more difficult to take that all-important first step onto the ladder, but slowly and surely, the market is changing. If you’re looking to buy your first home, you may find this infographic useful. As you can see from the images, the average first-time buyer in the US is now 32 years old. Most buyers are married white couples, and 60 percent of those buying their first property don’t have children.
One of the trickiest aspects of buying property is being able to save for a down payment. Research shows that the average buyer taking their first foray into the housing market puts down a 6% deposit. A quarter of buyers use a gift as a down payment.
If you’re desperate to sign on the dotted line and take those keys in your hand, you may be wondering how much it’s going to cost you. The average first home in the US costs in the region of $182,500. First-time buyers account for 35% of property sales, and the average buyer takes out a mortgage worth $190,000. The vast majority of people searching for their dream first home use a realtor.
If you’re looking to get onto the property ladder and find your first home, it’s wise to start saving for a down payment as soon as possible and take steps to improve your credit rating. In 2014, the average first-time buyer had a credit score of around 742, which is slightly lower than the median score of 756 for all home buyers. Once you’ve got savings set aside, you can set up consultations with mortgage lenders, and this will help you determine a budget for your search.
Infographic Design By Loans for First Time Home Buyers