Typical Down Payment Falls to $64K

Although the typical down payment in the U.S. remains high, it fell slightly in March. According to a recent report from real estate marketing platform Redfin, the typical homebuyer down payment fell by 1.5% year-over-year in March to $64,000. In terms of percentages, the typical homebuyer puts down 15% of a home’s purchase price, down from 16.1% the year prior.

Where have down payments fallen the most?

Some parts of the U.S. have seen typical down payments fall much further than the nationwide average. In the Nashville metro, for instance, the typical down payment fell by 27% year-over-year. Likewise, in Atlanta and Las Vegas, down payments fell by a respective 25.3% and 21.5% year-over-year.

However, these declines don’t mean these metros offer the lowest down payments. Virginia Beach, Va., has the lowest typical down payment at just $6,793, followed by Detroit at $14,000, and then Cleveland at $26,500.

Where have down payments climbed the most?

Other metros saw the typical down payment increase. In total, 14 metros saw down payments increase. Cleveland led with a year-over-year increase of 20.5%, then Detroit at 12%, and Baltimore at 8.1%.

California metros recorded the highest down payments. In San Jose, Calif., the typical down payment in March reached $425,000, followed by San Francisco at $422,000, and then Anaheim, Calif., at $300,000.