First-Time Buyers Face Different Hurdles to Homeownership

December 10, 2014

According to Zillow Real Estate Research, “younger, first-time buyers will face a few additional hurdles that more experienced buyers may not have to contend with.”

 

Factors that make it harder for first-time buyers include “lower incomes, smaller down payments, mortgage insurance, and a relative lack of lower-priced homes,” Zillow found. In addition, first-time home buyers should expect to pay about 17.4 percent on their income to a mortgage, compared to 15.3 percent for other buyers.

 

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