{"id":794,"date":"2019-06-06T15:53:00","date_gmt":"2019-06-06T15:53:00","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2019\/06\/06\/analysis-it-takes-median-household-20-years-to-save-20-down-for-median-home\/"},"modified":"2025-03-13T02:08:01","modified_gmt":"2025-03-13T02:08:01","slug":"analysis-it-takes-median-household-20-years-to-save-20-down-for-median-home","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2019\/06\/06\/analysis-it-takes-median-household-20-years-to-save-20-down-for-median-home\/","title":{"rendered":"Analysis: It Takes Median Household 20 Years to Save 20% Down for Median Home"},"content":{"rendered":"<h2>Analysis: It Takes Median Household 20 Years to Save 20% Down for Median Home<\/h2>\n<p>It would take 20 years for a household earning the national median income of&nbsp;<span class=\"xn-money\">$61,372<\/span>&nbsp;to save 20 percent (plus closing costs) for a&nbsp;<span class=\"xn-money\">$262,250<\/span>&nbsp;single-family home, the national median sales price. Those are the <a href=\"http:\/\/www.usmi.org\/mi-in-your-state\/\" target=\"_blank\" rel=\"noopener\">findings of&nbsp;U.S. Mortgage Insurers (USMI), <\/a>a trade association for private mortgage insurance companies.<\/p>\n<p><!--more--><\/p>\n<p>USMI notes that the wait time drops to seven years if the household purchases a home with 5 percent down, where the loan is backed by private mortgage insurance.<\/p>\n<blockquote>\n<p>&#8220;No, you do not need a 20 percent down payment to gain mortgage approval,&#8221; said&nbsp;<span class=\"xn-person\">Lindsey Johnson<\/span>, president of USMI. &#8220;Our report underscores the critical role private MI plays in helping millions of first-time and middle-income homebuyers bridge the down payment gap across&nbsp;<span class=\"xn-location\">the United States<\/span>.&#8221;<\/p>\n<\/blockquote>\n<p>According to USMI, in 2018 more than 1 million borrowers used mortgage insurance to purchase or refinance a mortgage; nearly 60 percent of which were <a href=\"best-metros-for-first-time-homebuyers-depends-on-who-you-ask\/\">first-time homebuyers<\/a>, and more than 40 percent had annual incomes below&nbsp;<span class=\"xn-money\">$75,000<\/span>. The average loan amount purchased or refinanced with MI was&nbsp;<span class=\"xn-money\">$244,715<\/span>&nbsp;and the average FICO score for these borrowers was 741, compared to a 733 score for all home loan borrowers. The&nbsp; table below shows the top five states in which MI was used by borrowers to purchase or refinance homes in 2018.<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" style=\"height: 289px;\" border=\"1\" width=\"744\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prnsbts prnrbrs prnvab prnsbbs prntac prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><b>State<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" nowrap>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><b>Number of Borrowers&nbsp;<br class=\"dnr\">Helped with Private MI<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" nowrap>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><b>First-Time&nbsp;<br class=\"dnr\">Homebuyers<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Texas<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">89,738<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">57 percent<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Florida<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">77,565<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">56 percent<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">California<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">71,996<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">69 percent<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Illinois<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">48,200<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">65 percent<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Ohio<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">43,761<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">59 percent<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/p><\/div>\n<\/div>\n<p>In addition to helping borrowers qualify for low down payment mortgages, mortgage insurance also reduces the federal government&#8217;s exposure to mortgage credit risk, the report says. Private mortgage insurance serves as credit protection against mortgage credit risk in the event of a default. Since the 2008 financial crisis mortgage insurance has paid over&nbsp;<span class=\"xn-money\">$50 billion<\/span>&nbsp;in claims.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysis: It Takes Median Household 20 Years to Save 20% Down for Median Home It would take 20 years for a household earning the national median income of&nbsp;$61,372&nbsp;to save 20 percent (plus closing costs) for a&nbsp;$262,250&nbsp;single-family home, the national median sales price. Those are the findings of&nbsp;U.S. Mortgage Insurers (USMI), a trade association for private [&hellip;]<\/p>\n","protected":false},"author":15802,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[],"class_list":["post-794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Analysis: It Takes Median Household 20 Years to Save 20% Down for Median Home<\/title>\n<meta name=\"description\" content=\"It would take 20 years for a household earning the national median income of\u00a0$61,372\u00a0to save 20 percent (plus closing costs) for a\u00a0$262,250\u00a0single-family home, the national median sales price. 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