According to NAR’s Profile of Home Buyers and Sellers, 87 percent of non-homeowners believe they need a down payment of 10 percent or more to buy a home. However, the same report shows that the median down payment for first-time buyers has been 6 percent for the last three years. This means renters who believe homeownership to be financially out of reach may have options. Potential buyers should concentrate on improving their credit score and managing their debt level.