New Study Identifies Downpayment Help in Pricey Markets
It may seem that the nation’s most expensive housing markets are off-limits to aspiring homeowners that require assistance with their downpayments. However, new data released by the Realtor.com has identified the most expensive housing markets that also have the greatest quantity of down payment assistance.
Top of the list was Los Angeles, where the median home price is $675,000 and the median down payment is $79,000. However, the average downpayment assistance level for this market is $40,598. Realtor.com credited the efforts of the California Housing Finance Agency and the Golden State Finance Authority in helping borrowers with downpayments.
Miami came in second with this study: This Florida market boasts a median home price of $363,500 and a median downpayment of $18,875, but the average downpayment assistance level is $31,445. A key to this market, according to Realtor.com is the Miami-Dade Economic Advocacy Trust Homeownership Assistance Program, which offers up to $7,000 as a deferred-interest loan for first-time buyers that will not require repayments if homeowners remain in their residences for 10 years.
Other pricey housing markets with generous downpayment assistance input included Seattle (median home price of $429,500, median down payment of $29,600 and average downpayment assistance of $25,375), Boston (median home price of $452,500, median downpayment of $50,005 and average downpayment assistance of $21,608), and New York City (median home price of $418,500, median downpayment of $42,400 and average downpayment assistance of $19,514).
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