Cosigners are especially helpful to young buyers in markets that tend to be more expensive for housing . There is a positive correlation between median home price in a state and the percentage of young buyers with an older cosigner . The three states with the highest percentage of young buyers who have a cosigner — Hawaii , Colorado , and California — respectively rank first , fifth , and second in the U . S . for overall home prices . Due to the relationship between home prices and the presence of a cosigner , states in the West and Northeast that tend to be more expensive also tend to have younger buyers relying on cosigners more often . In contrast , more affordable states in the Southeast and Central U . S . have fewer young homebuyers with a cosigner .
To determine the states with the highest percentage of young homebuyers with an older cosigner , researchers at Porch analyzed the latest data from the Federal Financial Institutions Examination Council ' s Home Mortgage Disclosure Act . The researchers ranked states by the percentage of young homebuyers ( 34 years old or younger ) with an older cosigner ( 55 years old or older ). In the event of a tie , the state with the higher median property value for young homebuyers with an older cosigner was ranked higher .
The analysis found that in California , 1.358 % of young
homebuyers have an older cosigner on their mortgage loan , compared to 0.915 % at the national level . Out of all states , California has the 3rd most young buyers utilizing an older cosigner . Here is a summary of the data for California :
• Percentage of young buyers w / an older cosigner : 1.358 %
• Median property value for young buyers w / an older cosigner : $ 535,000
• Median property value across all young buyers : $ 545,000
• Median down payment for young buyers w / an older cosigner : $ 100,000
• Median down payment across all young buyers : $ 100,000
For reference , here are the statistics for the entire United States :
• Percentage of young buyers w / an older cosigner : 0.915 %
• Median property value for young buyers w / an older cosigner : $ 295,000
• Median property value across all young buyers : $ 285,000
• Median down payment for young buyers w / an older cosigner : $ 40,000
• Median down payment across all young buyers : $ 30,000
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