What would you give up for a down payment to buy a home? According to our new survey results, released today, 1 in 5 home buyers would give up the right to vote for a 10% down payment.
Even more surprising, only 1 in 10 home buyers would give up their driver’s license in return for a down payment (9%), while around 4 in 10 home buyers would give up vacationing for the next five years (38%).
Unison commissioned Atomik Research to conduct the online consumer survey of 1,003 potential U.S. home buyers between April 5th and April 9th, 2018. All of the respondents said they are either somewhat or very likely to purchase a home within the next two years. The margin of error for the survey fell within +/- 2 percentage points with a confidence interval of 95 percent.
The survey also uncovered interesting insights into the mindset of American home buyers, including:
- The biggest barriers to home buying amongst those surveyed were the cost of down payment (46%), a credit score that’s too low (37%) or a lack of overall savings (33%).
- One in four respondents (26%) said they would consider crowdfunding the down payment on a home.
- 58% of respondents said they have less than $5,000 saved, while only 14% said they have more than $15,000 saved.
- Almost 6 in 10 respondents said they would be more likely to date or marry someone who already owned a home at the time the relationship began (58%).
- 71% of respondents said they believe 2018 is a good year to buy a home and 73% of respondents said they think home prices will increase within the next 12 months.
- 29% of respondents said they would consider using an equity investment or a home ownership investment to pay for a portion of a down payment
The full results of the survey can be downloaded here. If you yourself are currently looking to buy a home, consider using the Unison HomeBuyer program, which can provide additional funds for your down payment.
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