Hispanic and First-Time Homebuyers Could Boost Housing Market: TD Bank

The housing market may get a bump from two groups — first-time homebuyers and Hispanic consumers, according to a TD Bank survey.

About 20% of potential first-time homebuyers are actively looking to purchase a home, according to TD's study. About 66% of potential first-time homebuyers would like to make a down payment of at least 20% of the purchase price.

"It's encouraging to see interest from the first-time homebuyers, who have been cautious for much of the housing recovery," Scott Haymore, head of pricing and secondary markets, said in a news release.

As for Hispanic consumers, about 66% would like to make a down payment of at least 20% of the purchase price. However, about 66% of Hispanic consumers said they're having trouble saving for a down payment.

"Many first-time buyers today are finding it difficult to save for a large down payment, especially young adults who are saddled with substantial student loan debt," Haymore said.

TD's report was based on a survey of about 1,000 U.S. consumers who want to buy their first home by 2020.

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