Down Payments Are Up: Here’s Where They’re Highest | #YajneshRai #01924991 #SangeetaRai #02026129


Down Payments Are Up: Here’s Where They’re Highest | Realtor Magazine

Faced with more expensive home prices, home buyers are bringing more money to closing. The median down payment on a single-family home and condo purchased in the third quarter increased by nearly 67% compared to a year ago. Median down payments are at the highest level recorded since at least 2000, according to a new analysis from ATTOM Data Solutions, a real estate data firm.

The median down payment of $20,775 was 6.6% of the median sales price for homes purchased with financing in the third quarter. The median loan amount was $275,500, the highest level since 2000.

ATTOM’s research shows the following 10 metros saw the highest median down payments in the third quarter:

  • San Francisco-Oakland-Hayward, Calif.: $243,000
  • Los Angeles-Long Beach-Anaheim, Calif.: $154,000
  • Oxnard-Thousand Oaks-Ventura, Calif.: $138,300
  • Boulder, Colo.: $123,600
  • Santa Rosa, Calif.: $118,550
  • San Diego-Carlsbad, Calif.: $112,000
  • Bridgeport-Stamford-Norwalk, Conn.: $106,600
  • Boston-Cambridge-Newton, Mass.-N.H.: $76,000
  • Naples-Immokalee-Marco Island, Fla.: $76,000
  • Fort Collins, Colo.: $69,125

Down payments can be among home buyers’ chief obstacle to achieving homeownership. The Federal Housing Administration offers loans with lower down payment requirements catered to first-time home buyers. Mortgages backed by FHA comprised 10.3% of all residential property loans originated in the third quarter, ATTOM Data Solutions reports.


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