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, 1995 (Numbers in thousands. Data may not add to total due to rounding) ---------------------------------------------------------------------------------------------------------------------------- | Cannot afford moderately 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.......| 6,870 | 75.9 | 3,628 | 79.2 | 5,500 | 77.7 | 2,157 | 86.4 | 15 percent down required.......| 6,820 | 75.3 | 3,623 | 79.1 | 5,432 | 76.8 | 2,151 | 86.2 | 10 percent down required.......| 6,738 | 74.4 | 3,565 | 77.9 | 5,365 | 75.8 | 2,151 | 86.2 | 7.5 percent down required......| 6,666 | 73.6 | 3,531 | 77.1 | 5,322 | 75.2 | 2,144 | 85.9 | 5 percent down required........| 6,566 | 72.5 | 3,528 | 77.0 | 5,287 | 74.7 | 2,138 | 85.7 | 2.5 percent down required......| 6,477 | 71.5 | 3,483 | 76.1 | 5,243 | 74.1 | 2,131 | 85.4 | No down payment required.......| 6,342 | 70.1 | 3,468 | 75.7 | 5,199 | 73.5 | 2,126 | 85.2 | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | 20 percent down required.......| 2,279 | 51.8 | 921 | 51.6 | 1,686 | 52.9 | 436 | 56.8 | 15 percent down required.......| 2,229 | 50.7 | 915 | 51.3 | 1,639 | 51.4 | 436 | 56.8 | 10 percent down required.......| 2,165 | 49.2 | 863 | 48.4 | 1,571 | 49.3 | 436 | 56.8 | 7.5 percent down required......| 2,113 | 48.0 | 842 | 47.1 | 1,549 | 48.6 | 429 | 55.8 | 5 percent down required........| 2,061 | 46.9 | 838 | 47.0 | 1,524 | 47.8 | 429 | 55.8 | 2.5 percent down required......| 2,009 | 45.7 | 828 | 46.4 | 1,498 | 47.0 | 422 | 54.9 | No down payment required.......| 1,960 | 44.6 | 828 | 46.4 | 1,467 | 46.0 | 422 | 54.9 | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | 20 percent down required.......| 4,591 | 98.6 | 2,707 | 96.9 | 3,814 | 98.0 | 1,721 | 99.6 | 15 percent down required.......| 4,591 | 98.6 | 2,707 | 96.9 | 3,793 | 97.5 | 1,715 | 99.2 | 10 percent down required.......| 4,573 | 98.3 | 2,702 | 96.7 | 3,793 | 97.5 | 1,715 | 99.2 | 7.5 percent down required......| 4,553 | 97.8 | 2,690 | 96.3 | 3,774 | 97.0 | 1,715 | 99.2 | 5 percent down required........| 4,505 | 96.8 | 2,690 | 96.3 | 3,763 | 96.7 | 1,709 | 98.9 | 2.5 percent down required......| 4,468 | 96.0 | 2,655 | 95.0 | 3,745 | 96.3 | 1,709 | 98.9 | No down payment required.......| 4,382 | 94.2 | 2,640 | 94.5 | 3,732 | 95.9 | 1,704 | 98.6 | | | | | | | | | | ---------------------------------------------------------------------------------------------------------------------------- 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, 1995 - Continued (Numbers in thousands. Data may not add to total due to rounding) ---------------------------------------------------------------------------------------------------------------------------- | Cannot afford moderately 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.......| 6,773 | 74.8 | 3,627 | 79.2 | 5,341 | 75.5 | 2,163 | 86.7 | 15 percent down required.......| 6,699 | 74.0 | 3,583 | 78.2 | 5,265 | 74.4 | 2,157 | 86.4 | 10 percent down required.......| 6,474 | 71.5 | 3,536 | 77.2 | 5,209 | 73.6 | 2,150 | 86.1 | 7.5 percent down required......| 6,518 | 72.0 | 3,514 | 76.8 | 5,181 | 73.2 | 2,150 | 86.1 | 5 percent down required........| 6,419 | 70.9 | 3,474 | 75.9 | 5,142 | 72.6 | 2,133 | 85.4 | 2.5 percent down required......| 6,424 | 71.0 | 3,468 | 75.7 | 5,135 | 72.5 | 2,113 | 84.7 | No down payment required.......| 6,396 | 70.6 | 3,429 | 74.9 | 5,094 | 72.0 | 2,089 | 83.7 | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | 20 percent down required.......| 2,184 | 49.6 | 920 | 51.5 | 1,540 | 48.3 | 442 | 57.6 | 15 percent down required.......| 2,143 | 48.7 | 886 | 49.7 | 1,478 | 46.4 | 442 | 57.6 | 10 percent down required.......| 2,032 | 46.2 | 846 | 47.4 | 1,437 | 45.1 | 435 | 56.6 | 7.5 percent down required......| 2,011 | 45.7 | 842 | 47.2 | 1,419 | 44.5 | 435 | 56.6 | 5 percent down required........| 1,965 | 44.7 | 837 | 46.9 | 1,409 | 44.2 | 428 | 55.7 | 2.5 percent down required......| 1,970 | 44.8 | 837 | 46.9 | 1,409 | 44.2 | 428 | 55.7 | No down payment required.......| 1,963 | 44.6 | 828 | 46.4 | 1,395 | 43.8 | 428 | 55.7 | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | 20 percent down required.......| 4,589 | 98.6 | 2,707 | 96.9 | 3,801 | 97.7 | 1,721 | 99.6 | 15 percent down required.......| 4,555 | 97.9 | 2,696 | 96.5 | 3,787 | 97.3 | 1,715 | 99.2 | 10 percent down required.......| 4,442 | 95.4 | 2,690 | 96.3 | 3,772 | 97.0 | 1,715 | 99.2 | 7.5 percent down required......| 4,508 | 96.9 | 2,672 | 95.6 | 3,763 | 96.7 | 1,715 | 99.2 | 5 percent down required........| 4,454 | 95.7 | 2,638 | 94.4 | 3,732 | 95.9 | 1,705 | 98.6 | 2.5 percent down required......| 4,454 | 95.7 | 2,631 | 94.2 | 3,726 | 95.8 | 1,685 | 97.5 | No down payment required.......| 4,433 | 95.2 | 2,602 | 93.1 | 3,698 | 95.1 | 1,661 | 96.1 | | | | | | | | | | ---------------------------------------------------------------------------------------------------------------------------- 1 Persons of Hispanic origin may be of any race