Rent vs. Buy
During a survey of renters, 35-49% believed that in order to buy a home they needed a minimum of 20% down payment.
The truth is that only 5% down is required for anything under $500,000, and just 10% on any amount above $500,000. Meaning if you’re hoping to buy a home for $550,000 you’d need 5% for the first $500k ($25,000) and 10% of the $50k over $500,000 ($5,000). So a $550,000 home only needs $30,000 or 5.5% down, not the $110,000 (20%) that many renters believe they need.