Table 5-11: Effect of Changes in Required Down Payment on Affordability Status of Black and Hispanic Origin Families and Unrelated Individuals for a Median-Priced Home, by Current Tenure and Type of Financing: United States, 1993 (Numbers in thousands. Data may not add to total due to rounding) ---------------------------------------------------------------------------------------------------------------------------- | Cannot afford median-priced home in area | |-------------------------------------------------------------------------------------------| | Black | Hispanic 1 | |--------------------------------------------|----------------------------------------------| | Total | Unrelated | Total | Unrelated | | Families | Individuals | Families | Individuals | |----------------------|---------------------|---------------------|------------------------| Change in required downpayment | Number | Percent | Number | Percent | Number | Percent | Number | Percent | -------------------------------|-----------|----------|----------|----------|----------|----------|-----------|------------| USING CONVENTIONAL, FIXED-RATE,| | | | | | | | | 30-YEAR FINANCING | | | | | | | | | | | | | | | | | | Total | | | | | | | | | 20 percent down required.......| 7,127 | 81.2 | 3,780 | 87.6 | 5,187 | 81.8 | 2,364 | 93.7 | 15 percent down required.......| 7,027 | 80.1 | 3,756 | 87.1 | 5,124 | 80.8 | 2,359 | 93.5 | 10 percent down required.......| 6,961 | 79.3 | 3,732 | 86.5 | 5,073 | 80.0 | 2,354 | 93.3 | 7.5 percent down required......| 6,905 | 78.7 | 3,726 | 86.4 | 5,035 | 79.4 | 2,347 | 93.0 | 5 percent down required........| 6,843 | 78.0 | 3,726 | 86.4 | 5,000 | 78.8 | 2,343 | 92.8 | 2.5 percent down required......| 6,779 | 77.2 | 3,715 | 86.1 | 4,954 | 78.1 | 2,339 | 92.7 | No down payment required.......| 6,716 | 76.5 | 3,663 | 84.9 | 4,927 | 77.7 | 2,324 | 92.1 | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | 20 percent down required.......| 2,627 | 62.1 | 1,033 | 67.4 | 1,797 | 61.7 | 528 | 78.1 | 15 percent down required.......| 2,549 | 60.2 | 1,009 | 65.8 | 1,743 | 59.9 | 523 | 77.4 | 10 percent down required.......| 2,489 | 58.8 | 989 | 64.5 | 1,696 | 58.2 | 518 | 76.6 | 7.5 percent down required......| 2,450 | 57.9 | 987 | 64.4 | 1,663 | 57.1 | 518 | 76.6 | 5 percent down required........| 2,401 | 56.7 | 987 | 64.4 | 1,651 | 56.7 | 518 | 76.6 | 2.5 percent down required......| 2,354 | 55.6 | 982 | 64.1 | 1,622 | 55.7 | 518 | 76.6 | No down payment required.......| 2,327 | 55.0 | 956 | 62.3 | 1,603 | 55.0 | 508 | 75.1 | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | 20 percent down required.......| 4,501 | 99.0 | 2,747 | 98.8 | 3,390 | 98.8 | 1,836 | 99.4 | 15 percent down required.......| 4,478 | 98.5 | 2,747 | 98.8 | 3,381 | 98.6 | 1,836 | 99.4 | 10 percent down required.......| 4,472 | 98.4 | 2,743 | 98.6 | 3,377 | 98.5 | 1,836 | 99.4 | 7.5 percent down required......| 4,455 | 98.0 | 2,739 | 98.5 | 3,373 | 98.3 | 1,829 | 99.0 | 5 percent down required........| 4,443 | 97.8 | 2,739 | 98.5 | 3,349 | 97.6 | 1,825 | 98.8 | 2.5 percent down required......| 4,425 | 97.4 | 2,733 | 98.3 | 3,332 | 97.2 | 1,821 | 98.5 | No down payment required.......| 4,389 | 96.6 | 2,708 | 97.4 | 3,324 | 96.9 | 1,817 | 98.3 | | | | | | | | | | ---------------------------------------------------------------------------------------------------------------------------- 1 Persons of Hispanic origin may be of any race Table 5-11: Effect of Changes in Required Down Payment on Affordability Status of Black and Hispanic Origin Families and Unrelated Individuals for a Median-Priced Home, by Current Tenure and Type of Financing: United States, 1993 - Continued (Numbers in thousands. Data may not add to total due to rounding) ---------------------------------------------------------------------------------------------------------------------------- | Cannot afford median-priced home in area | |-------------------------------------------------------------------------------------------| | Black | Hispanic 1 | |--------------------------------------------|----------------------------------------------| | Total | Unrelated | Total | Unrelated | | Families | Individuals | Families | Individuals | |----------------------|---------------------|---------------------|------------------------| Change in required downpayment | Number | Percent | Number | Percent | Number | Percent | Number | Percent | -------------------------------|-----------|----------|----------|----------|----------|----------|-----------|------------| USING FHA, FIXED-RATE, 30-YEAR | | | | | | | | | FINANCING | | | | | | | | | | | | | | | | | | Total | | | | | | | | | 20 percent down required.......| 7,063 | 80.5 | 3,789 | 87.8 | 5,134 | 80.9 | 2,369 | 93.9 | 15 percent down required.......| 6,978 | 79.5 | 3,763 | 87.2 | 5,082 | 80.1 | 2,364 | 93.7 | 10 percent down required.......| 6,906 | 78.7 | 3,747 | 86.9 | 5,032 | 79.3 | 2,352 | 93.2 | 7.5 percent down required......| 6,860 | 78.2 | 3,747 | 86.9 | 5,003 | 78.9 | 2,348 | 93.0 | 5 percent down required........| 6,812 | 77.6 | 3,729 | 86.4 | 4,971 | 78.4 | 2,337 | 92.6 | 2.5 percent down required......| 6,769 | 77.1 | 3,716 | 86.1 | 4,953 | 78.1 | 2,337 | 92.6 | No down payment required.......| 6,766 | 77.1 | 3,716 | 86.1 | 4,950 | 78.0 | 2,337 | 92.6 | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | 20 percent down required.......| 2,589 | 61.2 | 1,040 | 67.8 | 1,764 | 60.6 | 532 | 78.8 | 15 percent down required.......| 2,514 | 59.4 | 1,013 | 66.1 | 1,716 | 58.9 | 528 | 78.1 | 10 percent down required.......| 2,459 | 58.1 | 1,001 | 65.3 | 1,671 | 57.4 | 523 | 77.3 | 7.5 percent down required......| 2,429 | 57.4 | 1,001 | 65.3 | 1,662 | 57.1 | 523 | 77.3 | 5 percent down required........| 2,397 | 56.6 | 990 | 64.6 | 1,643 | 56.4 | 516 | 76.3 | 2.5 percent down required......| 2,377 | 56.2 | 986 | 64.3 | 1,632 | 56.1 | 516 | 76.3 | No down payment required.......| 2,373 | 56.1 | 986 | 64.3 | 1,629 | 55.9 | 516 | 76.3 | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | 20 percent down required.......| 4,475 | 98.5 | 2,750 | 98.9 | 3,370 | 98.2 | 1,836 | 99.4 | 15 percent down required.......| 4,464 | 98.2 | 2,750 | 98.9 | 3,365 | 98.1 | 1,836 | 99.4 | 10 percent down required.......| 4,447 | 97.8 | 2,746 | 98.7 | 3,361 | 98.0 | 1,829 | 99.0 | 7.5 percent down required......| 4,431 | 97.5 | 2,746 | 98.7 | 3,341 | 97.4 | 1,825 | 98.8 | 5 percent down required........| 4,415 | 97.2 | 2,739 | 98.5 | 3,327 | 97.0 | 1,821 | 98.5 | 2.5 percent down required......| 4,392 | 96.6 | 2,730 | 98.1 | 3,321 | 96.8 | 1,821 | 98.5 | No down payment required.......| 4,392 | 96.6 | 2,730 | 98.1 | 3,321 | 96.8 | 1,821 | 98.5 | | | | | | | | | | ---------------------------------------------------------------------------------------------------------------------------- 1 Persons of Hispanic origin may be of any race