Table 5-5: Effect of Changes in Required Down Payment on Affordability Status of Families and Unrelated Individuals for a Median-Priced Home, by Current Tenure and Type of Financing: United States, 1991 (Numbers in thousands. Data may not add to total due to rounding) -------------------------------------------------------------------------------------------------------------------------------------------------- | Cannot afford median-priced home in area | |-----------------------------------------------------------------------------------------------------------------| | Families | | |-------------------------------------------------------------------------------------------| | | | |Male householder, no |Female householder, no | Unrelated | | Total | Married-couple |wife present |husband present | Individuals | |----------------------|---------------------|---------------------|------------------------|---------------------| Change in required downpayment | Number | Percent | Number | Percent | Number | Percent | Number | Percent | Number | Percent | -------------------------------|-----------|----------|----------|----------|----------|----------|-----------|------------|----------|----------| USING CONVENTIONAL, FIXED-RATE,| | | | | | | | | | | 30-YEAR FINANCING | | | | | | | | | | | | | | | | | | | | | | Total | | | | | | | | | | | 20 percent down required.......| 38,676 | 55.6 | 25,273 | 47.5 | 1,973 | 70.2 | 11,430 | 84.8 | 27,975 | 77.7 | 15 percent down required.......| 37,695 | 54.2 | 24,344 | 45.7 | 1,956 | 69.6 | 11,394 | 84.5 | 27,814 | 77.2 | 10 percent down required.......| 36,677 | 52.7 | 23,415 | 44.0 | 1,922 | 68.4 | 11,339 | 84.1 | 27,652 | 76.8 | 7.5 percent down required......| 36,162 | 52.0 | 22,922 | 43.0 | 1,909 | 67.9 | 11,330 | 84.0 | 27,552 | 76.5 | 5 percent down required........| 35,668 | 51.3 | 22,449 | 42.2 | 1,904 | 67.8 | 11,314 | 83.9 | 27,433 | 76.2 | 2.5 percent down required......| 35,199 | 50.6 | 22,002 | 41.3 | 1,899 | 67.6 | 11,297 | 83.8 | 27,340 | 75.9 | No down payment required.......| 34,643 | 49.8 | 21,468 | 40.3 | 1,890 | 67.3 | 11,285 | 83.7 | 27,220 | 75.6 | | | | | | | | | | | | Current owners | | | | | | | | | | | 20 percent down required.......| 20,346 | 40.8 | 15,037 | 35.9 | 1,032 | 57.2 | 4,277 | 69.0 | 9,567 | 58.7 | 15 percent down required.......| 19,461 | 39.0 | 14,199 | 33.9 | 1,018 | 56.4 | 4,244 | 68.4 | 9,467 | 58.0 | 10 percent down required.......| 18,554 | 37.2 | 13,369 | 31.9 | 985 | 54.6 | 4,199 | 67.7 | 9,399 | 57.6 | 7.5 percent down required......| 18,124 | 36.3 | 12,956 | 30.9 | 972 | 53.9 | 4,196 | 67.7 | 9,353 | 57.3 | 5 percent down required........| 17,742 | 35.6 | 12,591 | 30.1 | 967 | 53.6 | 4,185 | 67.5 | 9,291 | 57.0 | 2.5 percent down required......| 17,416 | 34.9 | 12,276 | 29.3 | 962 | 53.3 | 4,178 | 67.4 | 9,260 | 56.8 | No down payment required.......| 17,021 | 34.1 | 11,903 | 28.4 | 953 | 52.8 | 4,165 | 67.2 | 9,216 | 56.5 | | | | | | | | | | | | Current renters | | | | | | | | | | | 20 percent down required.......| 18,330 | 93.2 | 10,236 | 90.0 | 941 | 93.5 | 7,153 | 98.2 | 18,408 | 93.4 | 15 percent down required.......| 18,234 | 92.7 | 10,145 | 89.2 | 938 | 93.2 | 7,151 | 98.2 | 18,347 | 93.1 | 10 percent down required.......| 18,123 | 92.2 | 10,046 | 88.3 | 937 | 93.1 | 7,140 | 98.1 | 18,253 | 92.7 | 7.5 percent down required......| 18,038 | 91.7 | 9,966 | 87.6 | 937 | 93.1 | 7,135 | 98.0 | 18,200 | 92.4 | 5 percent down required........| 17,926 | 91.2 | 9,859 | 86.7 | 937 | 93.1 | 7,130 | 97.9 | 18,142 | 92.1 | 2.5 percent down required......| 17,783 | 90.4 | 9,726 | 85.5 | 937 | 93.1 | 7,120 | 97.8 | 18,080 | 91.8 | No down payment required.......| 17,622 | 89.6 | 9,565 | 84.1 | 937 | 93.1 | 7,120 | 97.8 | 18,004 | 91.4 | | | | | | | | | | | | | | | | | | | | | | | USING FHA, FIXED-RATE, 30-YEAR | | | | | | | | | | | FINANCING | | | | | | | | | | | Total | | | | | | | | | | | 20 percent down required.......| 37,169 | 53.4 | 23,879 | 44.8 | 1,935 | 68.9 | 11,355 | 84.2 | 27,683 | 76.9 | 15 percent down required.......| 36,273 | 52.2 | 23,049 | 43.3 | 1,909 | 67.9 | 11,314 | 83.9 | 27,591 | 76.6 | 10 percent down required.......| 35,322 | 50.8 | 22,167 | 41.6 | 1,887 | 67.1 | 11,268 | 83.6 | 27,359 | 76.0 | 7.5 percent down required......| 34,878 | 50.2 | 21,739 | 40.8 | 1,881 | 66.9 | 11,258 | 83.5 | 27,272 | 75.7 | 5 percent down required........| 34,362 | 49.4 | 21,256 | 39.9 | 1,874 | 66.7 | 11,232 | 83.3 | 27,173 | 75.5 | 2.5 percent down required......| 34,350 | 49.4 | 21,244 | 39.9 | 1,874 | 66.7 | 11,232 | 83.3 | 27,162 | 75.4 | No down payment required.......| 34,350 | 49.4 | 21,244 | 39.9 | 1,874 | 66.7 | 11,232 | 83.3 | 27,162 | 75.4 | | | | | | | | | | | | Current owners | | | | | | | | | | | 20 percent down required.......| 18,960 | 38.0 | 13,757 | 32.9 | 994 | 55.1 | 4,209 | 67.9 | 9,368 | 57.4 | 15 percent down required.......| 18,184 | 36.5 | 13,039 | 31.1 | 971 | 53.8 | 4,174 | 67.3 | 9,319 | 57.1 | 10 percent down required.......| 17,408 | 34.9 | 12,319 | 29.4 | 949 | 52.6 | 4,140 | 66.8 | 9,213 | 56.5 | 7.5 percent down required......| 17,081 | 34.2 | 11,999 | 28.7 | 944 | 52.3 | 4,138 | 66.7 | 9,168 | 56.2 | 5 percent down required........| 16,724 | 33.5 | 11,667 | 27.9 | 937 | 52.0 | 4,119 | 66.4 | 9,141 | 56.0 | 2.5 percent down required......| 16,715 | 33.5 | 11,659 | 27.8 | 937 | 52.0 | 4,119 | 66.4 | 9,141 | 56.0 | No down payment required.......| 16,715 | 33.5 | 11,659 | 27.8 | 937 | 52.0 | 4,119 | 66.4 | 9,141 | 56.0 | | | | | | | | | | | | Current renters | | | | | | | | | | | 20 percent down required.......| 18,209 | 92.6 | 10,122 | 89.0 | 941 | 93.5 | 7,146 | 98.1 | 18,316 | 93.0 | 15 percent down required.......| 18,089 | 92.0 | 10,010 | 88.0 | 938 | 93.2 | 7,141 | 98.1 | 18,271 | 92.8 | 10 percent down required.......| 17,913 | 91.1 | 9,848 | 86.6 | 937 | 93.1 | 7,128 | 97.9 | 18,146 | 92.1 | 7.5 percent down required......| 17,796 | 90.5 | 9,740 | 85.6 | 937 | 93.1 | 7,119 | 97.8 | 18,104 | 91.9 | 5 percent down required........| 17,639 | 89.7 | 9,589 | 84.3 | 937 | 93.1 | 7,113 | 97.7 | 18,032 | 91.5 | 2.5 percent down required......| 17,635 | 89.7 | 9,585 | 84.3 | 937 | 93.1 | 7,113 | 97.7 | 18,021 | 91.5 | No down payment required.......| 17,635 | 89.7 | 9,585 | 84.3 | 937 | 93.1 | 7,113 | 97.7 | 18,021 | 91.5 | | | | | | | | | | | | --------------------------------------------------------------------------------------------------------------------------------------------------