Among middle aged Americans, 40 percent do not own homes, with just under one-third of renters saying not being able to afford a down payment is the main reason. Furthermore, 44 percent of younger millennials surveyed said they do not want to buy a home at this time. This may be due to a need for more flexibility when it comes time to move for a job, or financial concerns, such as the burden of student loan debt.
A report from Bankrate.com, based on a survey conducted by Princeton Survey Research, found half of non-homeowners cite finances as the main reason preventing them from buying a house. Thirty percent of those surveyed said they cannot afford a down payment, and 16 percent felt their credit scores were inadequate.
Often renters are not aware that a monthly home mortgage payment may be less than their current monthly rent payments, or that there are tax advantages to owning versus renting. Having a large down payment is not necessary either. It is now possible to get conventional loans for only three percent down and there are down payment assistance programs as well. A good mortgage broker can help with the pre-screening process.
Non-profit organizations exist to help people overcome hurdles to homeownership. Locally, Neighbor Impact, with offices in Bend, Redmond, Madras and Prineville, offers homeownership classes to those of all income levels as well as the income-restricted Individual Development Account (IDA). Through an IDA, for every dollar saved, up to a maximum of $3,000, three dollars are matched (up to $9,000) toward a specific goal, such as saving for a down payment. Visit neighborimpact.org for more information about available programs and classes.
Home Price Round-up
923 NE 10th St, Bend, OR 97701
2 beds, 1 bath, 1899 square feet, .23 acre lot
Built in 1949 | $199,000
Listed by Coldwell Banker Morris Real Estate
19683 Poplar St, Bend, OR 97702
3 beds, 2.50 baths, 1822 square feet, .49 acre lot
Built in 1999 | $365,900
Listed by RE/MAX Key Properties
2033 NW Vicksburg Ave, Bend, OR 97703
4 beds, 3.baths, 3856 square feet, .31 acre lot
Built in 1976 | $790,000
Listed by The Broker Network of Central Oregon
Photos and listing info from Central Oregon Multiple Listing Service