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, 1993 (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.......| 33,635 | 47.1 | 20,388 | 37.9 | 1,964 | 64.2 | 11,283 | 78.0 | 25,498 | 69.4 | 15 percent down required.......| 32,558 | 45.6 | 19,448 | 36.1 | 1,923 | 62.8 | 11,187 | 77.4 | 25,225 | 68.6 | 10 percent down required.......| 31,454 | 44.1 | 18,464 | 34.3 | 1,895 | 61.9 | 11,096 | 76.7 | 24,904 | 67.8 | 7.5 percent down required......| 30,842 | 43.2 | 17,934 | 33.3 | 1,866 | 61.0 | 11,041 | 76.4 | 24,680 | 67.2 | 5 percent down required........| 30,188 | 42.3 | 17,360 | 32.3 | 1,843 | 60.2 | 10,985 | 76.0 | 24,427 | 66.5 | 2.5 percent down required......| 29,425 | 41.2 | 16,710 | 31.0 | 1,812 | 59.2 | 10,903 | 75.4 | 24,054 | 65.5 | No down payment required.......| 28,622 | 40.1 | 16,025 | 29.8 | 1,772 | 57.9 | 10,825 | 74.9 | 23,600 | 64.2 | | | | | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | | | 20 percent down required.......| 14,571 | 28.8 | 10,065 | 23.9 | 889 | 45.9 | 3,616 | 54.5 | 6,960 | 42.0 | 15 percent down required.......| 13,668 | 27.0 | 9,271 | 22.0 | 856 | 44.2 | 3,540 | 53.4 | 6,810 | 41.1 | 10 percent down required.......| 12,806 | 25.3 | 8,501 | 20.2 | 836 | 43.2 | 3,469 | 52.3 | 6,674 | 40.3 | 7.5 percent down required......| 12,352 | 24.4 | 8,107 | 19.3 | 817 | 42.2 | 3,428 | 51.7 | 6,567 | 39.6 | 5 percent down required........| 11,881 | 23.5 | 7,696 | 18.3 | 798 | 41.2 | 3,387 | 51.0 | 6,500 | 39.2 | 2.5 percent down required......| 11,426 | 22.6 | 7,294 | 17.3 | 783 | 40.4 | 3,350 | 50.5 | 6,352 | 38.3 | No down payment required.......| 10,969 | 21.7 | 6,889 | 16.4 | 764 | 39.4 | 3,316 | 50.0 | 6,221 | 37.5 | | | | | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | | | 20 percent down required.......| 19,065 | 92.0 | 10,322 | 87.7 | 1,075 | 95.5 | 7,667 | 98.0 | 18,538 | 91.9 | 15 percent down required.......| 18,890 | 91.2 | 10,177 | 86.5 | 1,067 | 94.8 | 7,647 | 97.7 | 18,415 | 91.2 | 10 percent down required.......| 18,649 | 90.0 | 9,963 | 84.6 | 1,059 | 94.1 | 7,627 | 97.5 | 18,230 | 90.3 | 7.5 percent down required......| 18,489 | 89.2 | 9,827 | 83.5 | 1,049 | 93.2 | 7,613 | 97.3 | 18,112 | 89.7 | 5 percent down required........| 18,307 | 88.3 | 9,664 | 82.1 | 1,045 | 92.8 | 7,598 | 97.1 | 17,927 | 88.8 | 2.5 percent down required......| 17,998 | 86.9 | 9,416 | 80.0 | 1,029 | 91.4 | 7,553 | 96.5 | 17,702 | 87.7 | No down payment required.......| 17,653 | 85.2 | 9,136 | 77.6 | 1,008 | 89.5 | 7,509 | 96.0 | 17,379 | 86.1 | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------------------- 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, 1993 - Continued (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 FHA, FIXED-RATE, 30-YEAR | | | | | | | | | | | FINANCING | | | | | | | | | | | | | | | | | | | | | | Total | | | | | | | | | | | 20 percent down required.......| 32,050 | 44.9 | 18,928 | 35.2 | 1,932 | 63.1 | 11,190 | 77.4 | 25,277 | 68.8 | 15 percent down required.......| 31,057 | 43.5 | 18,071 | 33.6 | 1,892 | 61.8 | 11,094 | 76.7 | 25,067 | 68.2 | 10 percent down required.......| 30,116 | 42.2 | 17,232 | 32.0 | 1,867 | 61.0 | 11,017 | 76.2 | 24,690 | 67.2 | 7.5 percent down required......| 29,560 | 41.4 | 16,735 | 31.1 | 1,848 | 60.3 | 10,978 | 75.9 | 24,474 | 66.6 | 5 percent down required........| 28,912 | 40.5 | 16,168 | 30.0 | 1,822 | 59.5 | 10,923 | 75.5 | 24,158 | 65.7 | 2.5 percent down required......| 28,383 | 39.8 | 15,732 | 29.2 | 1,809 | 59.1 | 10,842 | 75.0 | 23,899 | 65.0 | No down payment required.......| 27,787 | 38.9 | 15,248 | 28.3 | 1,789 | 58.4 | 10,750 | 74.3 | 23,553 | 64.1 | | | | | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | | | 20 percent down required.......| 13,207 | 26.1 | 8,808 | 20.9 | 860 | 44.4 | 3,539 | 53.3 | 6,844 | 41.3 | 15 percent down required.......| 12,420 | 24.5 | 8,132 | 19.3 | 827 | 42.7 | 3,461 | 52.2 | 6,741 | 40.7 | 10 percent down required.......| 11,750 | 23.2 | 7,524 | 17.9 | 816 | 42.2 | 3,410 | 51.4 | 6,586 | 39.8 | 7.5 percent down required......| 11,363 | 22.4 | 7,176 | 17.1 | 805 | 41.6 | 3,382 | 51.0 | 6,512 | 39.3 | 5 percent down required........| 10,985 | 21.7 | 6,843 | 16.3 | 786 | 40.6 | 3,357 | 50.6 | 6,417 | 38.7 | 2.5 percent down required......| 10,721 | 21.2 | 6,609 | 15.7 | 777 | 40.2 | 3,335 | 50.3 | 6,336 | 38.2 | No down payment required.......| 10,503 | 20.7 | 6,432 | 15.3 | 769 | 39.7 | 3,302 | 49.8 | 6,265 | 37.8 | | | | | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | | | 20 percent down required.......| 18,844 | 90.9 | 10,121 | 86.0 | 1,072 | 95.2 | 7,651 | 97.8 | 18,433 | 91.3 | 15 percent down required.......| 18,636 | 89.9 | 9,939 | 84.4 | 1,065 | 94.6 | 7,633 | 97.5 | 18,326 | 90.8 | 10 percent down required.......| 18,367 | 88.6 | 9,708 | 82.5 | 1,051 | 93.3 | 7,608 | 97.2 | 18,103 | 89.7 | 7.5 percent down required......| 18,197 | 87.8 | 9,559 | 81.2 | 1,042 | 92.6 | 7,595 | 97.1 | 17,961 | 89.0 | 5 percent down required........| 17,927 | 86.5 | 9,325 | 79.2 | 1,037 | 92.1 | 7,566 | 96.7 | 17,741 | 87.9 | 2.5 percent down required......| 17,662 | 85.2 | 9,123 | 77.5 | 1,031 | 91.6 | 7,507 | 95.9 | 17,562 | 87.0 | No down payment required.......| 17,284 | 83.4 | 8,816 | 74.9 | 1,020 | 90.6 | 7,448 | 95.2 | 17,288 | 85.7 | | | | | | | | | | | | -------------------------------------------------------------------------------------------------------------------------------------------------