States With the Highest (and Lowest) Down Payment Burden

Home prices have increased over the past few years, causing down payments to grow along with them. According to a report from online lending platform LendingTree, down payments now account for larger shares of both loan amounts and borrowers’ incomes.

From 2021 to 2024, the median nationwide down payment grew from $37,624 to $45,000; for the median household, that figure equates to more than six months of income. At the same time, the median down payment jumped from 10% in 2021 to 15% in 2024 of the total loan amount.

In some states, however, the median down payment is even higher.

Which states have the highest down payments?

California is the least affordable state when it comes to down payments. As of 2024, buyers in California needed 10.3 months of income to cover the median down payment of $86,250. Massachusetts follows closely behind, where it takes 9.7 of income months to cover the median down payment of $85,000. In Washington state, it takes 9.1 months to save for the median down payment of $75,000.

Which states have the lowest down payments?

Meanwhile, West Virginia is the most affordable state for down payments. As of 2024, it took 4.4 months of income to afford the median down payment of $25,000. Iowa follows at 4.5 months, and then Missouri at 4.8 months. In both of those states, the median down payment is $28,500.