Sixty-three percent of Americans recently surveyed by the non-profit NeighborWorks America reported their rent is high—so high that down payment savings are suffering. Only 26 percent of those surveyed, in fact, reported “definitely” or “probably” having enough saved for a down payment.
Responses differed among earnings groups, locations and races. Fifty-eight percent of Midwest respondents are held back by high rent, compared to 67 percent in the Northeast and 73 percent in the West—variations likely a result of higher home values in the latter. Seventy-two percent of non-white renters reported their rent as high; 65 percent of whites reported the same. Fifty-five percent of those earning $100,000 or more annually reported having enough saved for a down payment; 21 percent of those earning $60,000 or less annually, reported the same.
NeighborWorks America surveyed 1,000 adults aged 18 and older and 500 adults aged 18 to 34 in a representative sample.
Source: NeighborWorks America
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