In 2009, the group said, the median home price was $172,100. With closing costs of 5% added to a 20% down payment, a buyer would need $43,025 at closing, the CRL calculated, compared to $25,815 with a 10% down payment or $17,210 with a down payment of only 5%. If a family could save $250 a month toward down payment and closing costs it would take 14 years to save enough to buy with 20% down, compared to nine years with 10% down and six years with a 5% down payment.
Obviously, higher down payments price many interested buyers out of the market altogether.
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