Table 5-12: Effect of Changes in Required Down Payment on Affordability Status of Black and Hispanic Origin Families and Unrelated Individuals for a Modestly 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 modestly 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.......| 6,602 | 75.2 | 3,533 | 81.9 | 4,747 | 74.9 | 2,281 | 90.4 | 15 percent down required.......| 6,501 | 74.1 | 3,514 | 81.5 | 4,676 | 73.7 | 2,266 | 89.8 | 10 percent down required.......| 6,388 | 72.8 | 3,502 | 81.2 | 4,616 | 72.8 | 2,251 | 89.2 | 7.5 percent down required......| 6,341 | 72.2 | 3,476 | 80.6 | 4,574 | 72.1 | 2,244 | 88.9 | 5 percent down required........| 6,275 | 71.5 | 3,469 | 80.4 | 4,533 | 71.5 | 2,232 | 88.4 | 2.5 percent down required......| 6,198 | 70.6 | 3,413 | 79.1 | 4,498 | 70.9 | 2,210 | 87.6 | No down payment required.......| 6,117 | 69.7 | 3,372 | 78.2 | 4,438 | 70.0 | 2,184 | 86.5 | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | 20 percent down required.......| 2,132 | 50.4 | 803 | 52.4 | 1,402 | 48.1 | 455 | 67.3 | 15 percent down required.......| 2,049 | 48.4 | 790 | 51.6 | 1,339 | 46.0 | 440 | 65.1 | 10 percent down required.......| 1,961 | 46.3 | 782 | 51.0 | 1,295 | 44.5 | 440 | 65.1 | 7.5 percent down required......| 1,931 | 45.6 | 768 | 50.1 | 1,276 | 43.8 | 432 | 64.0 | 5 percent down required........| 1,879 | 44.4 | 764 | 49.9 | 1,246 | 42.8 | 432 | 64.0 | 2.5 percent down required......| 1,853 | 43.8 | 731 | 47.7 | 1,234 | 42.4 | 419 | 61.9 | No down payment required.......| 1,814 | 42.9 | 718 | 46.8 | 1,208 | 41.5 | 402 | 59.4 | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | 20 percent down required.......| 4,470 | 98.4 | 2,730 | 98.2 | 3,345 | 97.5 | 1,826 | 98.8 | 15 percent down required.......| 4,453 | 98.0 | 2,724 | 97.9 | 3,338 | 97.3 | 1,826 | 98.8 | 10 percent down required.......| 4,427 | 97.4 | 2,720 | 97.8 | 3,321 | 96.8 | 1,811 | 98.0 | 7.5 percent down required......| 4,409 | 97.0 | 2,709 | 97.4 | 3,298 | 96.2 | 1,811 | 98.0 | 5 percent down required........| 4,396 | 96.7 | 2,705 | 97.3 | 3,287 | 95.9 | 1,800 | 97.4 | 2.5 percent down required......| 4,345 | 95.6 | 2,682 | 96.4 | 3,264 | 95.2 | 1,791 | 96.9 | No down payment required.......| 4,303 | 94.7 | 2,654 | 95.4 | 3,229 | 94.2 | 1,782 | 96.4 | | | | | | | | | | ---------------------------------------------------------------------------------------------------------------------------- 1 Persons of Hispanic origin may be of any race Table 5-12: Effect of Changes in Required Down Payment on Affordability Status of Black and Hispanic Origin Families and Unrelated Individuals for a Modestly 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 modestly 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.......| 6,436 | 73.3 | 3,505 | 81.3 | 4,701 | 74.1 | 2,269 | 89.9 | 15 percent down required.......| 6,338 | 72.2 | 3,496 | 81.1 | 4,620 | 72.9 | 2,266 | 89.8 | 10 percent down required.......| 6,247 | 71.2 | 3,465 | 80.3 | 4,554 | 71.8 | 2,244 | 88.9 | 7.5 percent down required......| 6,200 | 70.6 | 3,451 | 80.0 | 4,527 | 71.4 | 2,224 | 88.1 | 5 percent down required........| 6,126 | 69.8 | 3,413 | 79.1 | 4,480 | 70.6 | 2,213 | 87.7 | 2.5 percent down required......| 6,076 | 69.2 | 3,380 | 78.3 | 4,439 | 70.0 | 2,187 | 86.7 | No down payment required.......| 5,983 | 68.2 | 3,363 | 77.9 | 4,403 | 69.4 | 2,168 | 85.9 | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | 20 percent down required.......| 1,997 | 47.2 | 786 | 51.2 | 1,367 | 46.9 | 443 | 65.5 | 15 percent down required.......| 1,929 | 45.6 | 783 | 51.1 | 1,294 | 44.4 | 440 | 65.1 | 10 percent down required.......| 1,866 | 44.1 | 764 | 49.8 | 1,271 | 43.7 | 432 | 64.0 | 7.5 percent down required......| 1,826 | 43.1 | 753 | 49.1 | 1,244 | 42.7 | 425 | 62.9 | 5 percent down required........| 1,798 | 42.5 | 735 | 48.0 | 1,219 | 41.9 | 425 | 62.9 | 2.5 percent down required......| 1,774 | 41.9 | 720 | 47.0 | 1,203 | 41.3 | 405 | 60.0 | No down payment required.......| 1,750 | 41.4 | 717 | 46.8 | 1,198 | 41.1 | 405 | 60.0 | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | 20 percent down required.......| 4,439 | 97.7 | 2,720 | 97.8 | 3,334 | 97.2 | 1,826 | 98.8 | 15 percent down required.......| 4,409 | 97.0 | 2,713 | 97.6 | 3,326 | 97.0 | 1,826 | 98.8 | 10 percent down required.......| 4,381 | 96.4 | 2,702 | 97.2 | 3,283 | 95.7 | 1,811 | 98.0 | 7.5 percent down required......| 4,374 | 96.2 | 2,698 | 97.0 | 3,283 | 95.7 | 1,799 | 97.4 | 5 percent down required........| 4,329 | 95.2 | 2,678 | 96.3 | 3,261 | 95.1 | 1,788 | 96.8 | 2.5 percent down required......| 4,302 | 94.7 | 2,660 | 95.6 | 3,236 | 94.3 | 1,782 | 96.4 | No down payment required.......| 4,233 | 93.2 | 2,646 | 95.1 | 3,205 | 93.5 | 1,763 | 95.4 | | | | | | | | | | ---------------------------------------------------------------------------------------------------------------------------- 1 Persons of Hispanic origin may be of any race