The Costs of Homeownership Drive First-time Buyers Away

Homeownership is a commitment that comes with a variety of costs. Access tips for first-time homebuyers or contact DATCU for assistance.

Typically, home buyers will pay between 2-5% of the purchase price of their home in closing costs. According to a recent survey , homebuyers pay about $3700 in closing costs. The good news is that most times the seller of the home will pay the closing costs on behalf of the buyer.

Mortgage applications fall on declining refinance activity The refinance share of mortgage activity increased to 43.2 percent of total applications from 41.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.5 percent of total applications. The FHA share of total applications increased to 11.0 percent from 10.5 percent the week prior.

Given that almost half of home shoppers are first-time buyers, some of these costs may come as a surprise and will definitely have a meaningful impact on potentially tight household budgets. Determining how much you can afford is one of the most challenging aspects of home buying, especially for first-time buyers.

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There’s no definitive answer to the great renting vs. homeowning debate. But we explore the cost of homeownership against renting, run the figures for each and dig into the detail.

The Costs of Homeownership Drive First-time Buyers Away – The Economic Benefits and Costs of Homeownership, published Friday by the Federal Reserve Bank of Philadelphia.. The Costs of Homeownership Drive First-time Buyers Away.

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Alaska Homes for Sale and Real Estate – Madden Real Estate – House-hunting can be a lot of fun for new buyers in the Alaska real estate market, but your judgement can also quickly get away from you. It is easy to focus more on features of the home rather than costs like upkeep and utilities and buyer’s remorse can set in after you’ve signed on the dotted line.

That gap is driving some first-timers out of the most expensive cities as well as pressuring them to buy something before they are completely priced out of the market. The high cost of home ownership.

 · About the Author: The above Real Estate information on the things that will lower a home’s value was provided by Bill Gassett, a Nationally recognized leader in his field.Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 30+ Years.