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5% is not not 3x the median savings balance of families seriously trying to buy a home. That’s setting aside that lower income families tend to live near lower
by 1123581321 5y ago
5% is not not 3x the median savings balance of families seriously trying to buy a home. That’s setting aside that lower income families tend to live near lower priced homes.
Lower down payments meaningfully increase access to real estate. It matters hugely to be able to accelerate purchase timing by years, or decades.
- duped 5y agoThis reads a bit like "if you exclude all the people that can't afford a home, then the data suggests everyone can afford a home." Of course lower down payments increase access to real estate. The problem is half of all Americans can't even afford closing costs, let alone a down payment.
- 1123581321 5y agoClose-it’s saying that there is a group of Americans approaching a 3.5-5% down payment who are in economically similar situations to people without savings, the difference being their saving/spending priorities. Appreciate the concession about the lower down payment mattering.