According to NerdWallet’s “Down Payment Reality Report,” a staggering 44% of potential homebuyers see “a lack of down payment savings” as their biggest stumbling block when it comes to purchasing a home.

This is huge – and it reflects just how much the down payment means to the home buying process. In a lot of ways, your down payment is closely connected to your purchasing power in the short term, and the total amount you will pay over the long. It’s also tied to your mortgage loan in a few crucial ways.

For all these reasons, it’s important that you get your down payment right. So why are there so many myths and misconceptions out there, pointing would-be buyers in the wrong direction?

Ready to approach this important home buying step with greater peace of mind? Let’s break down five common, scary, and totally misleading myths about down payments:

1.) “You Have to Have a 20% Down Payment”

For years and years, a 20% down payment was considered to be the gold standard when purchasing a home.

By Jrissman - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=8956391

Why the Near North Side?

Located north and east of the Chicago River, the Near North Side is one of the most visually stunning areas in the city, and is the home of countless great restaurants, theaters, and museums. 

Comprised of Gold Coast, Old Town, Goose Island, River North, and Streeterville, the Near North Side is home to some of Chicago's most iconic sites, including the Magnificent Mile and Navy Pier, as well as some of the most famous skyscrapers in the country. Of Chicago's downtown community areas, Near North has the largest population, along with the highest number of skyscrapers. 

For more on this bundle of great Chicago neighborhoods, here are a few resources worth checking out:

Home to great shopping, easy access to public transit, and thriving nightlife options, the neighborhoods of the Near North Side have all of the assets that make Chicago a prime destination for buyers. Whether you're looking to buy or sell in the area, here are the current stats for Near North's condo and housing market that you need to know:

Near North Side's Current Condo Market 

What Are the Current Real Estate Conditions in Lincoln Park? (Source: wikimedia.commons)

Why Lincoln Park?

We've got two words for you: "Free Zoo." 

Lincoln Park is home to one of the country's last free zoos, meaning that your neighbors would be actual party animals. But if a sweet sloth and its friends aren't enough to draw you to the neighborhood, there are lots of other perks to living in Lincoln Park. It offers institutions devoted to preserving Chicago's history and culture, including the Lincoln Park Conservatory, the Chicago History Museum, and the Peggy Notebaert Nature Museum. 

And, if you're hungry, there are a ton of diverse dining spots, along with plenty of beloved old school mainstays (the Wiener's Circle, anybody?).

Looking to learn more about this iconic Chicago neighborhood? Check out some of these handy resources:

Lincoln Park blends sophistication with Chicago's salty sense of humor and history, and is a great place to call home. Ready to take a look for yourself? Here are the current stats for Lincoln Park's condo and housing market:

Lincoln Park's Current Condo Market 

1. The Median Sale Price of a Lincoln Park Condo Remains High

What are the Current Market Conditions for North Center? (Source: wikimedia.commons - used as royalty free image)

Want a little bit of everything? Chicago's North Center - a community area bordered on the north by Montrose Avenue, on the south by Diversey Parkway, west by the Chicago River, and on the east by Ravenswood Avenue - is notable for its small community feel, proximity to great schools, and easy access to the best that Chicago's North Side has to offer, including live theater, comedy, music, and just about every cuisine you could imagine, from traditional German pub fare to cutting-edge sushi. 

North Center also boasts some of Chicago's most charming residential architecture, large parks, and pristine, tree-lined streets.

Want to learn more about this up-and-coming area and all it has to offer? Here are a few great resources on North Center:

Ready to get a feel for North Center's quiet charms? Here are the current market statistics for North Center you should know:

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