60% of buyers paid for their down payment by saving according to the 2019 Profile of Home Buyers and Sellers, recently released in San Francisco at the National Association of REALTORS Convention. The most difficult step in the process was saving for a down payment cited by 13% of respondents.
51% of those surveyed mentioned student loans as the main deterrent to saving. Credit card debt was mentioned by 45% which is up from 37% in 2018. Car loans were stated by 38% which is up three percentage points from the previous year.
Childcare was cited by 16% of the people which was one percentage point less than 2018.
The median years of debt delayed home buyers from saving for their down payment or buying a home was stated as four years. That is up from three years mentioned by buyers in 2018.