The owning-versus-renting argument took a turn in favor of homeownership this week, with new data supporting the increased affordability of buying a house and a new report finding a growing shortage in affordable rental units.
According to new statistics released by RealtyTrac, the 1.5 million purchase loans originated in 2014 saw buyers putting down an average of 14 percent down, which the company calculated as $32,141. RealtyTrac broke down the numbers further, separating counties by their media home sales prices. In the 25 counties with the highest median home sales prices at the end of 2014, the average downpayment percentage was 24 percent, or $138,547. In comparison, the 25 counties with the lowest median home sales prices at the end of 2014 recorded an average downpayment percentage of 12 percent or $8,239. More here.