Homebuyer insights on saving
Saving and planning for a down payment
|Homebuyer saving priorities|
|Saving for or paying off a home||92%|
|Saving for retirement||91%|
|Advice experienced homebuyers would give their younger selves about purchasing a home|
|Start saving early||52%|
|How first-time buyers plan to make a down payment|
|Savings set aside for a home||59%|
|A loan from another source||40%|
These graphics explore how homebuyers approach saving for a home and down payment. Homebuyers seem to recognize the importance of saving money to afford homeownership.
92% of buyers consider saving for or paying off a home to be important. Looking back, 52% of experienced buyers would tell first-time homebuyers to start saving as early as they can.
First-time homebuyers appear to be methodical about saving for a down payment. 59% planned to make a down payment using savings set aside for a home, while only 6% hoped for a financial windfall like receiving an inheritance.1
1Source data: Bank of America Homebuyer Insights Report
Data date: 2016/2017
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