
Average Down Payments More Than $46K In 50 Largest Metros

With home prices rising at record rates, so to are down payments. Especially those in the 50 largest metros in the U.S.
A study from LendingTree explored how expensive down payments have become for homebuyers. The study found that across the 50 largest metros in the U.S., the average down payment on a home is $46,283.
The highest average down payment was found in San Jose, CA at more than $100,000, with the lowest reported in Oklahoma City, OK at $28,267. Additionally, LendingTree reported that across the nation, the average down payment on a home is approximately 62% of a given area's median household income.
“Depending on individual situations, higher down payments can have various impacts on would-be homebuyers,” according to the report. “For example, those who already own a home may need to plan on staying in that home longer than they’d like. Or, if they made a profit by selling their current home, they might have to allocate more of that money toward the down payment on a new home than they would have in the past.”
This may also push some buyers towards cheaper options such as renting or staying with family members. However, the real desire is still to own a home as 88% of Americans recently told LendingTree they would rather own a home than rent.
Read more about how rising home prices are affecting down payments for prospective homebuyers.