Forty-one percent of homeowner couples report splitting down payment equally

Nearly half of American couples who bought a house split the down payment equally, according to a new NerdWallet study.

On average, it took homeowners three years to save before buying their current property. Twenty-five percent saved month-by-month individually to be able to afford the down payment. Interestingly, it was more millennials who saved via this method (42 percent) compared to Generation X (29 percent). Fifty-two percent of millennials reported they had to save money before they bought their home, and overall more males (47 percent) than females (32 percent) reported having to save before homebuying. Of homeowners who could remember how much they had saved for a down payment, the individual monthly average was $1,078.50. Yet, only 40 percent of respondents could remember how much they had saved per month for a down payment.

Eleven percent of women contributed most of all for a down payment, compared to their partner, and 29 percent of homeowners in the Northeast contributed all or most of the down payment, compared to 17 percent of adults in the West.

Yet, the responsibilities of homeownership still have some would-be buyers hesitant to take the plunge. Seventy-one percent said they have fears about buying a home. Thirty-six are concerned about home repairs, 35 percent are worried about not being able to afford other expenses, 35 percent are fearful of the financial commitment and 9 percent are concerned about the commitment to their partner.

And NerdWallet reported that housing affordability is a “hurdle” for homebuyers, with the recent lack of inventory on the market.

“Homebuyers should work closely with their real estate agent to find properties that aren’t at the top of their budget to keep affordability in check,” Chris Ling, head of homebuying and mortgages for NerdWallet said in the report. “Also, working on a consistent savings plan for a down payment and closing costs, as well as addressing any outstanding credit issues, will increase homebuyers’ chances of qualifying for better mortgage rates.”