Table 5-6: Effect of Changes in Required Down Payment on Affordability Status of Families and Unrelated Individuals for a Modestly 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 modestly priced home in area | |-----------------------------------------------------------------------------------------------------------------| | Families | | |-------------------------------------------------------------------------------------------| | | | |Male householder, no |Female householder, no | Unrelated | | Total | Married-couple |wife present |husband present | Individuals | |----------------------|---------------------|---------------------|------------------------|---------------------| Change in required down payment| Number | Percent | Number | Percent | Number | Percent | Number | Percent | Number | Percent | -------------------------------|-----------|----------|----------|----------|----------|----------|-----------|------------|----------|----------| USING CONVENTIONAL, FIXED-RATE,| | | | | | | | | | | 30-YEAR FINANCING | | | | | | | | | | | | | | | | | | | | | | Total | | | | | | | | | | | 20 percent down required.......| 32,820 | 47.2 | 20,631 | 38.7 | 1,709 | 60.8 | 10,480 | 77.7 | 24,900 | 69.1 | 15 percent down required.......| 31,687 | 45.6 | 19,601 | 36.8 | 1,682 | 59.8 | 10,404 | 77.2 | 24,621 | 68.4 | 10 percent down required.......| 30,578 | 44.0 | 18,618 | 35.0 | 1,639 | 58.3 | 10,321 | 76.5 | 24,331 | 67.6 | 7.5 percent down required......| 30,076 | 43.2 | 18,155 | 34.1 | 1,630 | 58.0 | 10,290 | 76.3 | 24,166 | 67.1 | 5 percent down required........| 29,461 | 42.4 | 17,583 | 33.0 | 1,616 | 57.5 | 10,262 | 76.1 | 23,994 | 66.6 | 2.5 percent down required......| 28,779 | 41.4 | 16,978 | 31.9 | 1,594 | 56.7 | 10,207 | 75.7 | 23,760 | 66.0 | No down payment required.......| 28,202 | 40.6 | 16,476 | 30.9 | 1,579 | 56.2 | 10,147 | 75.3 | 23,423 | 65.0 | | | | | | | | | | | | Current owners | | | | | | | | | | | 20 percent down required.......| 15,032 | 30.1 | 10,863 | 25.9 | 778 | 43.1 | 3,391 | 54.7 | 7,088 | 43.5 | 15 percent down required.......| 14,056 | 28.2 | 9,979 | 23.8 | 751 | 41.7 | 3,326 | 53.6 | 6,976 | 42.8 | 10 percent down required.......| 13,192 | 26.4 | 9,210 | 22.0 | 714 | 39.6 | 3,268 | 52.7 | 6,846 | 42.0 | 7.5 percent down required......| 12,833 | 25.7 | 8,874 | 21.2 | 709 | 39.3 | 3,250 | 52.4 | 6,754 | 41.4 | 5 percent down required........| 12,374 | 24.8 | 8,454 | 20.2 | 694 | 38.5 | 3,226 | 52.0 | 6,691 | 41.0 | 2.5 percent down required......| 11,885 | 23.8 | 8,022 | 19.2 | 680 | 37.7 | 3,183 | 51.3 | 6,627 | 40.6 | No down payment required.......| 11,564 | 23.2 | 7,733 | 18.5 | 680 | 37.7 | 3,150 | 50.8 | 6,488 | 39.8 | | | | | | | | | | | | Current renters | | | | | | | | | | | 20 percent down required.......| 17,788 | 90.5 | 9,768 | 85.9 | 931 | 92.5 | 7,088 | 97.3 | 17,811 | 90.4 | 15 percent down required.......| 17,631 | 89.7 | 9,622 | 84.6 | 930 | 92.4 | 7,078 | 97.2 | 17,646 | 89.6 | 10 percent down required.......| 17,386 | 88.4 | 9,408 | 82.7 | 925 | 91.8 | 7,053 | 96.9 | 17,484 | 88.8 | 7.5 percent down required......| 17,243 | 87.7 | 9,281 | 81.6 | 922 | 91.6 | 7,040 | 96.7 | 17,413 | 88.4 | 5 percent down required........| 17,087 | 86.9 | 9,129 | 80.3 | 922 | 91.6 | 7,036 | 96.6 | 17,304 | 87.8 | 2.5 percent down required......| 16,893 | 85.9 | 8,956 | 78.7 | 913 | 90.7 | 7,024 | 96.5 | 17,134 | 87.0 | No down payment required.......| 16,638 | 84.6 | 8,743 | 76.9 | 899 | 89.3 | 6,996 | 96.1 | 16,936 | 86.0 | | | | | | | | | | | | USING FHA, FIXED-RATE, 30-YEAR | | | | | | | | | | | FINANCING | | | | | | | | | | | | | | | | | | | | | | Total | | | | | | | | | | | 20 percent down required.......| 30,720 | 44.2 | 18,724 | 35.2 | 1,662 | 59.1 | 10,334 | 76.6 | 24,473 | 68.0 | 15 percent down required.......| 29,630 | 42.6 | 17,748 | 33.3 | 1,630 | 58.0 | 10,251 | 76.0 | 24,070 | 66.8 | 10 percent down required.......| 28,509 | 41.0 | 16,720 | 31.4 | 1,598 | 56.9 | 10,191 | 75.6 | 23,761 | 66.0 | 7.5 percent down required......| 27,876 | 40.1 | 16,158 | 30.3 | 1,576 | 56.1 | 10,142 | 75.2 | 23,588 | 65.5 | 5 percent down required........| 27,301 | 39.3 | 15,643 | 29.4 | 1,572 | 55.9 | 10,087 | 74.8 | 23,324 | 64.8 | 2.5 percent down required......| 26,946 | 38.7 | 15,363 | 28.9 | 1,547 | 55.1 | 10,036 | 74.4 | 23,112 | 64.2 | No down payment required.......| 26,595 | 38.2 | 15,045 | 28.3 | 1,544 | 54.9 | 10,006 | 74.2 | 22,994 | 63.9 | | | | | | | | | | | | Current owners | | | | | | | | | | | 20 percent down required.......| 13,234 | 26.5 | 9,220 | 22.0 | 731 | 40.5 | 3,283 | 52.9 | 6,858 | 42.0 | 15 percent down required.......| 12,397 | 24.9 | 8,473 | 20.2 | 702 | 38.9 | 3,222 | 51.9 | 6,666 | 40.9 | 10 percent down required.......| 11,586 | 23.2 | 7,726 | 18.4 | 680 | 37.7 | 3,180 | 51.3 | 6,560 | 40.2 | 7.5 percent down required......| 11,123 | 22.3 | 7,324 | 17.5 | 663 | 36.8 | 3,135 | 50.6 | 6,528 | 40.0 | 5 percent down required........| 10,781 | 21.6 | 7,019 | 16.8 | 663 | 36.8 | 3,099 | 50.0 | 6,440 | 39.5 | 2.5 percent down required......| 10,620 | 21.3 | 6,882 | 16.4 | 652 | 36.1 | 3,086 | 49.8 | 6,386 | 39.2 | No down payment required.......| 10,525 | 21.1 | 6,798 | 16.2 | 652 | 36.1 | 3,075 | 49.6 | 6,364 | 39.0 | | | | | | | | | | | | Current renters | | | | | | | | | | | 20 percent down required.......| 17,485 | 88.9 | 9,505 | 83.6 | 930 | 92.4 | 7,051 | 96.8 | 17,615 | 89.4 | 15 percent down required.......| 17,233 | 87.6 | 9,275 | 81.5 | 929 | 92.3 | 7,029 | 96.5 | 17,404 | 88.3 | 10 percent down required.......| 16,923 | 86.1 | 8,994 | 79.1 | 918 | 91.2 | 7,011 | 96.3 | 17,201 | 87.3 | 7.5 percent down required......| 16,754 | 85.2 | 8,834 | 77.7 | 913 | 90.7 | 7,007 | 96.2 | 17,060 | 86.6 | 5 percent down required........| 16,520 | 84.0 | 8,624 | 75.8 | 909 | 90.3 | 6,988 | 96.0 | 16,884 | 85.7 | 2.5 percent down required......| 16,326 | 83.0 | 8,481 | 74.6 | 895 | 89.0 | 6,950 | 95.4 | 16,725 | 84.9 | No down payment required.......| 16,070 | 81.7 | 8,247 | 72.5 | 892 | 88.6 | 6,931 | 95.2 | 16,630 | 84.4 | | | | | | | | | | | | --------------------------------------------------------------------------------------------------------------------------------------------------