A common misconception is that buyers must come up with a down payment that covers 20% of a mortgage balance to realize the dream of residential ownership. Take it from leading economists: 20% down is “definitely not required.”
CNBC put an end to the 20% myth in a new report, which cites a recent Clever.com survey of potential buyers and other key metrics. Out of 920 recent and upcoming residential buyers, 57% plan to put less than 20% down on their purchases. In the first quarter of 2024, the average down payment was 13.6%, according to Realtor.com.
“Not only is it possible to buy a home with less than 20% down, but this data shows that a majority of buyers are in fact doing so,” Realtor.com Chief Economist Danielle Hale told CNBC. “There are options.”
Talk to your lender about down payment and mortgage options to ensure you do not miss out on amazing opportunities, such as the final few available condominiums at Merrick Manor.
Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the world-class Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.”
Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.
For more information about the residences at Merrick Manor, visit our Model Residence 527 on the at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. Open from 11 a.m. to 5 p.m. on Monday through Friday and weekends by appointment.
