{"id":78466,"date":"2024-08-28T05:00:24","date_gmt":"2024-08-28T12:00:24","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78466"},"modified":"2024-08-28T06:34:21","modified_gmt":"2024-08-28T13:34:21","slug":"all-cash-homebuyers-june-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/all-cash-homebuyers-june-2024\/","title":{"rendered":"The Typical Homebuyer\u2019s Down Payment is a Record $67,500, Up 15% From a Year Ago"},"content":{"rendered":"<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The typical homebuyer put down 18.6% of the purchase price, up from 15% a year ago.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><em>Nearly 3 in 5 homebuyers put down more than 10% of the purchase price, one of the highest shares on record.<\/em>\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">All-cash purchases made up just over 30% of all sales, while FHA loans made up the lowest share of mortgaged sales in nearly two years.<\/span><\/i><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8% from $58,788 a year earlier. It was the 12th consecutive month the median down payment rose year over year.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-zdmh4\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Homebuyer Down Payment Hits Record High\u00a0\" src=\"https:\/\/datawrapper.dwcdn.net\/zdmh4\/4\/\" height=\"423\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is based on a Redfin analysis of county records across 40 of the most populous U.S. metropolitan areas going through June 2024, the most recent month for which this data is available, and going back through 2011. The national numbers in this report are based on those 40 metros. Scroll to the bottom for metro-level data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The nearly-15%\u00a0 jump in the median down payment significantly outpaced the increase in home prices, which were up <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-purchase-cancellations-june-2024\/\"><span style=\"font-weight: 400;\">4%<\/span><\/a><span style=\"font-weight: 400;\"> in June year over year. The increase is being influenced by the current market, where higher-priced, turnkey homes in desirable neighborhoods are more likely to sell. It\u2019s also partly due to buyers putting down a higher percentage of the purchase price as a down payment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cInvestors are still coming in with all-cash offers on homes that need to be renovated. Traditional buyers are putting down large down payments to try and lower their mortgage payment,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/annie-foushee\"><span style=\"font-weight: 400;\">Annie Foushee<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin agent in Denver. \u201cThese buyers will often <\/span><a href=\"https:\/\/www.redfin.com\/news\/gen-z-millennial-down-payment-family-help\/\"><span style=\"font-weight: 400;\">utilize the help<\/span><\/a><span style=\"font-weight: 400;\"> of family members to put down more than they could on their own.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The typical homebuyer\u2019s down payment was 18.6% of the purchase price in June, the highest level in over a decade and up from 15% a year earlier.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-C3hap\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Down Payment Rises to 18.6% of Purchase Price\" src=\"https:\/\/datawrapper.dwcdn.net\/C3hap\/3\/\" height=\"424\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">Nearly three in five (59.4%) of homebuyers put down more than 10% of the purchase price in June, up from 56.6% a year earlier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Down payments are increasing for a number of reasons:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Rising home prices:<\/b><span style=\"font-weight: 400;\"> The median-priced U.S. home was a record <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-purchase-cancellations-june-2024\/\"><span style=\"font-weight: 400;\">$442,525<\/span><\/a><span style=\"font-weight: 400;\"> in June, up 4% year over year. Higher home prices naturally lead to a higher down payment, which is a percentage of the home price.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Elevated mortgage rates:<\/b><span style=\"font-weight: 400;\"> Homebuyers are incentivized to put down more money upfront, and borrow less, when mortgage rates are higher. The <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\"><span style=\"font-weight: 400;\">6.92%<\/span><\/a><span style=\"font-weight: 400;\"> average mortgage rate in June was among the highest in the past 20 years, pushing buyers to increase their down payment to minimize monthly payments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Buyers have more equity:<\/b><span style=\"font-weight: 400;\"> With home prices up, people who sell their previous property for more than they purchased it can use the extra equity for a larger down payment on their new home.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">All-cash purchases make up nearly a third of home sales<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The percentage of U.S. home purchases made with all cash rose to 30.7% in June, up slightly from 30.4% a year ago.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-SQHZY\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Roughly 30% Of Home Purchases Are Made With Cash\" src=\"https:\/\/datawrapper.dwcdn.net\/SQHZY\/2\/\" height=\"424\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">We define an all-cash purchase as a home purchase with no mortgage loan information on the deed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe percentage of all-cash sales generally follows the same trend as the rise and fall of mortgage rates. When rates are down, the percentage of all-cash sales is down too, and the opposite is true when rates go up,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThat means we may start to see all-cash purchases level off a little now that mortgage rates have started to come down from recent highs.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homebuyers\u2014especially investors\u2014are paying in cash for similar reasons others are putting down large down payments: To avoid paying interest.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">FHA loans fall to lowest level in nearly two years<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">FHA loans made up 13.7% of mortgaged U.S. home sales in June, the smallest share since August 2022 and down from 14.9% a year earlier.\u00a0 <\/span><a href=\"https:\/\/www.redfin.com\/guides\/first-time-home-buyer-fha-loans\"><span style=\"font-weight: 400;\">These loans<\/span><\/a><span style=\"font-weight: 400;\">, meant for low- to moderate-income borrowers and popular with first-time homebuyers, have lower down-payment and credit-score requirements than conventional loans. FHA loans have declined because home prices are at near-record highs and mortgage rates are still elevated, meaning fewer relevant buyers are able to afford a home.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">VA loans made up 6.7% of all mortgaged home sales, down slightly from 6.9% a year earlier.\u00a0 <\/span><a href=\"https:\/\/www.redfin.com\/definition\/va-loan\"><span style=\"font-weight: 400;\">VA loans<\/span><\/a><span style=\"font-weight: 400;\"> are available to veterans, service members and their surviving spouses and require little to no down payment. FHA and VA loans are both insured by the U.S. government.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-WU0N0\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Conventional Loans Made Up Nearly 80% of Mortgages In June\" src=\"https:\/\/datawrapper.dwcdn.net\/WU0N0\/2\/\" height=\"423\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">Conventional loans\u2014the most common type\u2014represented nearly four out of every five loans (79.5%) in June, up slightly from 78.2% a year ago. <\/span><a href=\"https:\/\/www.redfin.com\/guides\/what-is-a-jumbo-loan\"><span style=\"font-weight: 400;\">Jumbo loans<\/span><\/a><span style=\"font-weight: 400;\">\u2014used for higher loan amounts and popular among luxury buyers\u2014represented 6.6% of mortgaged sales, essentially unchanged from 6.5% a year earlier.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Metro-Level Highlights: June 2024<\/span><\/h2>\n<p><i><span style=\"font-weight: 400;\">Data below came from a list of the 40 most populous U.S. metro areas.<\/span><\/i><\/p>\n<p><b>Metros with biggest increases\/decreases in down payments, in dollars<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In Newark, NJ, the median down payment jumped 51.5% to $125,000 from $82,500 a year ago 51.5%\u2014the largest percentage increase among the metros Redfin analyzed. Next came Las Vegas (up 40.7% from $32,328 to $45,500), Washington, D.C. (up 38.7% from $54,800 to $76,000), New Brunswick, NJ (up 32.7% from $93,625 to $124,213) and Nashville, TN (up 32% from $46,500 to $61,395). Down payments only fell in three metros: Jacksonville, FL (down 28.4% from $39,950 to $28,338), Oakland, CA ( down 11% from $219,000 to $195,000) and Tampa, FL (down 6.4% from $42,500 to $39,773).<\/span><\/p>\n<p><b>Metros with highest\/lowest down payments, in percentages<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In San Francisco, the median down payment was equal to 25.8% of the purchase price\u2014the highest among the metros Redfin analyzed. It was followed by San Jose, CA (25.7%) and Anaheim, CA (25%).\u00a0 Down payment percentages are typically higher in San Francisco\u2019s Bay Area due to a higher-concentration of wealthy residents who can afford to put a higher percentage of the purchase price down.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Down payment percentages were lowest in Virginia Beach, VA (3%)\u2014an area with a higher concentration of veterans using VA loans with little to no down payment\u2014followed by Detroit (6.8%), and Jacksonville, FL (8.6%).<\/span><\/p>\n<p><b>Metros where all-cash purchases are most\/least common<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In West Palm Beach, FL, 50.4% of home purchases were made in cash\u2014the highest share among the metros Redfin analyzed\u2014followed by Riverside, CA (39.9%) and Detroit (38.9%). All three metros see strong investor activity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All-cash purchases were least common in San Jose, CA (18.3%), Seattle (21%) and Oakland (21.2%)\u2014three more expensive metros where the median-priced home tops $850,000.<\/span><\/p>\n<p><b>Metros with biggest increases\/decreases in share of all-cash purchases<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In Pittsburgh, PA, 28.6% of home purchases were made in cash, up from 19.2% a year earlier\u2014the largest increase among the metros Redfin analyzed. Next came New Brunswick, NJ (up from 31.1% to 36.8%) and Newark, NJ (up from 25.9% to 31.6%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Providence, RI, 23.1% of home purchases were made in cash, down from 33.5% a year earlier\u2014the lowest increase among the metros Redfin analyzed. Next came Baltimore (down from 36.1% to 26.8%) and Jacksonville, FL (down from 44.2% to 38.1%)<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"7\"><b>Down Payments and All-Cash Purchases by Metro: June 2024<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Median down payment ($)<\/b><\/td>\n<td><b>Median down payment ($), YoY change<\/b><\/td>\n<td><b>Median down payment (%)<\/b><\/td>\n<td><b>Median down payment (%), YoY change<\/b><\/td>\n<td><b>Share of home purchases made with cash<\/b><\/td>\n<td><b>Share of home purchases made with cash, YoY change<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$300,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.35 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.5 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$45,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.8 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$36,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.65 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$57,800<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.82 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.5 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$45,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.33 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$30,625<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$26,850<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.25 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$35,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$90,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.46 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$16,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.35 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$70,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.5 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$28,338<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-28.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.39 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$45,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.57 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$188,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.5 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$80,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$39,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.12 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$49,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$84,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.5 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$61,395<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$124,213<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.7 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$199,775<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.43 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.7 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$125,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.7 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$195,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-11.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$48,600<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.41 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$28,350<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.7 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$52,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.56 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$28,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.5 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$91,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.77 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$61,400<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.54 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-10.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$48,012<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$107,650<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$183,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$441,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.80 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$451,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.75 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$206,950<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.05 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$39,773<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.11 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.8 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$9,195<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$41,100<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.67 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.7 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, D.C.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$76,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.46 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$85,513<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National<\/b><\/td>\n<td><span style=\"font-weight: 400;\">$67,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.60 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2 ppts<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The typical homebuyer put down 18.6% of the purchase price, up from 15% a year ago. Nearly 3 in 5 homebuyers put down more than 10% of the purchase price, one of the highest shares on record.\u00a0 All-cash purchases made up just over 30% of all sales, while FHA loans made up the lowest share [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":78467,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[628,20,623],"coauthors":[682],"class_list":["post-78466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-all-cash","tag-housing-affordability","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Typical Homebuyer\u2019s Down Payment is a Record $67,500<\/title>\n<meta name=\"description\" content=\"The nearly-15%\u00a0 jump in the median down payment significantly outpaced the increase in home prices, which were up 4% in June year over year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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