PROVIDENCE – Rhode Island was ranked 12th in the nation for young homebuyers most likely to need a co-signer, according to a study published by Porch.com.
The website, which connects homeowners with local home improvement contractors, found 1.002% of young homebuyers in Rhode Island – Americans age 26 to 41 – have an older co-signer on their mortgage, compared with 0.915% at the national level.
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To determine its rankings, researchers analyzed data from the Federal Financial Institutions Examination Council’s Home Mortgage Disclosure Act. Only conventional, noncommercial home loans that originated in 2020 were considered. Additionally, data on median home values from Zillow’s Home Value Index were used as well. Researchers also calculated the median property value for young homebuyers with an older co-signer, median property value across all young homebuyers, median down payment for young homebuyers with an older co-signer, and median down payment across all young homebuyers.
The report found median property value across all young buyers in the Ocean State was $295,000; the median down payment for young buyers with an older co-signer was $50,000, and the median down payment across all young buyers was $30,000.
Nationally, the median property value for young buyers with an older co-signer was $295,000 and the down payment was $40,000. The median down payment across all young buyers was $50,000.
Hawaii was ranked first in the nation for young buyers more likely to need a co-signer. The percentage of young buyers with an older co-signer was 1.72%. The median property value of those with a co-signer was $545,000. The median property value across all young buyers in the Rainbow State was $555,000. The median down payment for young buyers with an older co-signer was $100,000, and the median down payment across all young buyers was $80,000.
Colorado, California, New York, and Montana rounded out the top five.
Delaware was ranked 50th. The percentage of young buyers with an older co-signer in that state was 0.34% with the median property of those with a co-signer was $285,000. The median property value across all young buyers was $275,000. The median down payment for young buyers with an older co-signer was $40,000, and the median down payment across all young buyers was $20,000.
North Dakota, Wisconsin, Alabama, Indiana and Wyoming rounded out the bottom five.
Vermont was eighth, the highest-ranked state in New England. The percentage of young buyers with an older co-signer in that state was 1.08%. The median property value of those with a co-signer was $215,000. The median property value across all young buyers was $265,000. The median down payment for young buyers with an older co-signer was $40,000, and the median down payment across all young buyers was $30,000.
Of the other New England states
- Massachusetts was 11th. The percentage of young buyers with an older co-signer in the Bay State was 1.01%. The median property value of those with a co-signer was $435,000. The median property value across all young buyers was $445,000. The median down payment for young buyers with an older co-signer was $70,000, and the median down payment across all young buyers was $60,000.
- New Hampshire was 16th. The percentage of young buyers with an older co-signer was .91%. The median property value of those with a co-signer was $285,000. The median property value across all young buyers was $305,000. The median down payment for young buyers with an older co-signer was $40,000, and the median down payment across all young buyers was $30,000.
- Maine was ranked 19th. Percentage of young buyers with an older co-signer: .905%. The median property value of those with a co-signer was $275,000. The median property value across all young buyers was $265,000. The median down payment for young buyers with an older co-signer was $35,000, and the median down payment across all young buyers was $20,000
- Connecticut was 26th. Percentage of young buyers with an older co-signer: .843%. The median property value of those with a co-signer was $265,000. The median property value across all young buyers was $285,000. The median down payment for young buyers with an older co-signer was $30,000, and the median down payment across all young buyers was $30,000
The full report can be found here.
