Week of October 15, 2018

Homebuyer insights on saving

Saving and planning for a down payment

Saving and planning for a down payment
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Homebuyer saving priorities
Saving for or paying off a home 92%
Saving for retirement 91%
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Advice experienced homebuyers would give their younger selves about purchasing a home
Start saving early 52%
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How first-time buyers plan to make a down payment
Savings set aside for a home 59%
A loan from another source 40%
Other savings 19%
Anticipated raise/bonus 9%
Financial windfall 6%

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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