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In a recent report from Urban Land Institute, the author examines the future of California’s four largest metropolitan areas. Among other considerations, the author examines the prospective impact of the 20 percent downpayment requirement.
The graph shows the share of all owner-occupied homes by downpayment range.
Requiring a 20 percent downpayment could disqualify over two-thirds, or almost 70 percent, of current homeowners from obtaining a QRM under the proposed rules.
Currently, fifty percent of current homeowners make a 10 percent or lower downpayment when purchasing a home.
The report explores emerging preferences for housing and neighborhoods based on several NAR surveys that were conducted between 2001 and 2011. Emerging housing preferences are considered for the nation as a whole as well as for California, and implications are identified.
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