Published November 1, 2018
How Does Your State Rank in Down Payments?
How Does Your State Rank in Down Payments?
The average down payment for a home is decreasing, which could be good news for those looking to buy. Prospective buyers may need to save less money for a down payment, according to a new study by LendingTree.
The average down payment amount for U.S. homes dropped in the third quarter by nearly 10 percent, falling from $52,480 to $47,265, the study shows. However, the overall average down payment percentages for conventional 30-year, fixed-rate purchase mortgage offers stayed about the same—about 18.05 percent.
LendingTree ranked states based on their average down payments.
Lowest average down payments (by percentage):
Alaska
- Average down payment percentage: 15.41%
- Average offered down payment: $36,476
- Average offered loan amount: $236,643
West Virginia
- Average down payment percentage: 15.44%
- Average offered down payment: $21,415
- Average offered loan amount: $138,696
Mississippi
- Average down payment percentage: 15.78%
- Average offered down payment: $22,964
- Average offered loan amount: $145,523
Highest average down payments:
California
- Average down payment percentage: 21.44%
- Average offered down payment: $97,809
- Average offered loan amount: $454,146
Hawaii
- Average down payment percentage: 21.32%
- Average offered down payment: $69,923
- Average offered loan amount: $328,046
Delaware
- Average down payment percentage: 21.29%
- Average offered down payment: $51,678
- Average offered loan amount: $242,735
Thinking about buying a home? Click here.
Source:
“LendingTree Ranks Down Payment Affordability by State,” LendingTree (Oct. 22, 2018)
Realtor®Magazine.com
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