Where Do Downpayments Come From?

The National Association of REALTORS® reported that the median downpayment for all homebuyers is 10 percent. With the most recent median existing-home price reported at $232,200 in October, that comes to a $23,220 downpayment. So where are buyers finding the money for this purchase? According to NAR’s 2016 Profile of Home Buyers and Sellers, 61 percent of recent buyers obtained their downpayment from savings, 35 percent used the proceeds from the sale of their primary residence and 13 percent received a gift from a friend or relative.    

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Source: REALTOR.com feed