The sum would cover 10% of the down payment in 17 of the largest US metros, Realtor.com reports.
A plan to offer up to $25,000 in down payment support to first-time homebuyers was proposed by Democratic presidential candidate Kamala Harris in her recently released economic agenda. While $25,000 would only amount to 5.8% of a median-priced home ($429,990) in August, Realtor.com shows how that sum would go much further in certain markets where the typical home for sale costs less.
Elevated home prices and mortgage rates, though improving, continue to plague the housing market and first-time buyers are expected to face the brunt of the impact. While move-up buyers enjoy the advantage of having existing home equity, which is at an all-time high, first-timers are entering the market empty-handed. But, they may have more luck in the following markets:
A full 10% down (or more) is not required to purchase a home, "no matter what your parents or grandparents tell you," Realtor.com assures.
Based on August 2024 median listing prices, $25,000 would cover 10% of the down payment, or more, on a median priced home in 17 of the 200 largest US metros. Most of the affordable markets are located in the Midwest, which have seen sustained buyer demand given how affordability boosts their appeal.
Although a 10% down payment is less than the national average as of late, it’s a fairly common benchmark for buyers. By using an FHA, VA, or other type of government loan, many buyers can secure a loan with a smaller down payment.
By looking at a 5% down payment or more, it opens up markets that are priced up to $500,000, which is above the current U.S. median list price.
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Realtor.com data shows a $25,000 down payment would cover a 5% down payment in a variety of higher-priced markets.
Currently, home prices in 124 of the 200 largest U.S. metros are low enough to secure a 5–10% down payment at $25,000. Even a variety of higher-priced markets appear on the list, including Durham-Chapel Hill, NC; North Port-Sarasota-Bradenton, FL; and Las Vegas, NV.
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