How $15k in Down Payment Assistance Could Help Millions Achieve Homeownership
How $15k in Down Payment Assistance Could Help Millions Achieve Homeownership By Alexandra Lee on Mar. 16, 2021 9.3 million (27.4%) U.S. renter households could theoretically afford the local monthly mortgage payment for the median home sold in 2020 in their metro. Almost two-thirds of renters (63%) from 20 major metro areas cited affording the down payment as a barrier to buying a home. A $15,000 tax credit could potentially count toward the entire minimum down payment in 40 of the 50 largest metros. Utilization of this tax credit by Black and Latinx households could be tempered by racial inequities in income. More than a quarter of U.S. renters could theoretically afford the monthly mortgage payment on the typical home in their area — if only they had enough cash saved for even a minimal down payment. A $15,000 tax credit for first-time home buyers like that proposed by President Joe Biden during his 2020 presidential campaign would be sufficient to fully cover that minimum do