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For many people eager to buy a house, there’s one big obstacle standing in their way. It’s not their ability to afford a mortgage, nor the challenges of finding a house when inventory is low. Instead, the problem boils down to this: an inability to save up a down payment.

Research from The Motley Fool Ascent revealed that 17% of all homeowners found saving up a down payment was the most difficult part of buying a property. For young millennials, this number was much higher, with a whopping 38% saying they struggled to save enough to put down.

It’s not just current homeowners who face challenges with this aspect of becoming a property owner, either. In fact, with research showing that 67% of millennials have no savings at all toward a down payment, it’s clear that down payment requirements are a major reason why many people aren’t able to move forward with a purchase even if they want to.

The big question, though, is how much of a down payment do you really need to buy a house? And the answer might surprise you.

Some lenders offer low down payment loans to help you become a property owner

Traditionally, the standard required down payment for purchasing a property was 20%. However, in today’s day and age, many people put down far less. Older millennials put down an average of just 13%, while younger millennials made 10% down payments on average. And, among all home buyers, the median down payment was 15%, according to The Motley Fool Ascent’s data.

Some lenders even allow less than these median amounts. The minimum down payment for an FHA loan is just 3.5% if you have a credit score of at least 580, and some lenders offering conventional loans (those not guaranteed by the government) will allow you to put down just 3%. Then there are VA loans, which don’t require any down payment at all.

With all these programs out there, you technically can buy a home with very little or nothing in your savings account to pay for part of your purchase. But just because you can do something doesn’t mean it’s a good idea.

How much of a down payment should you have to buy a home?

In a perfect world, you’d put down 20% to purchase a home. You’d do this because:

• You’d have the broadest choice of lenders, so you could shop around to get the best deal.
• You’d likely be offered a better mortgage rate with a large down payment than you’d get if you had a smaller one.
• You are less likely to end up owing more than the home is worth, since you go in with a good amount of equity. This can help you avoid big problems like not being able to sell or refinance without bringing cash to the table
• You’ll avoid private mortgage insurance (PMI), which is insurance that lenders require you to pay for monthly as part of your mortgage payment to protect them if you put too little down.

Of course, saving 20% may be impossible in some parts of the country where home prices are very high. If you can’t save that much, it’s a good rule of thumb to try to put at least 10% down.

Many lenders offer 90% loan-to-value ratios so you won’t be limiting your options too much with this approach. And you’ll have a little buffer of equity, so you’re less likely to find yourself underwater even after covering closing costs and other transaction fees.

Plus, while you’ll still get stuck with PMI if you have a 10% down payment, you’ll also be closer to the day when you’ve paid down your loan enough to eliminate it. Generally, you can request that your mortgage lender remove PMI once you’ve reached 80% equity in the home. And mortgage lenders are required to cancel your PMI once your loan-to-value ratio reaches 78%.

Ultimately, the right decision about when to buy — and how much to put down — is a choice only you can make. But if saving 20% is feasible, you should do it, and if not, a minimum of 10% down can help you avoid putting yourself at big financial risk of disaster without delaying your homeownership date for too long.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.