Despite good mortgage rates and a strong job market first-time homebuyers are having a difficult time in the current market. According to the National Association of Realtors’ 2017 Profile of Home Buyers and Sellers the percentage of first-time homebuyers declined slightly in the last year to 34 percent.
Fist0time buyers made average down payments of 5 percent in the last year, down from 6 percent in 2016.
One of the biggest obstacles for first-time buyers is student debt. Over 40 percent of first-time home buyers have student loans, averaging $29,000.
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