Cost of Down Payment Leaves Us Shocked

Cost of Down Payment Leaves Us Shocked

Don’t believe everything you think you know. Like believing the winters in Montana are so cold, you won’t want to go outside ever. With the bright sunshine and a bit of acclimation, you would probably enjoy the sparkling snow and pristine air for a few minutes. So, what do you believe about the cost of down payments? You might be surprised to hear the truth about how much people are really paying for down payments in the U.S.  


Now that more homes are available for purchase, it’s time to consider saving for a down payment, but how much should you save? In a recent survey by the National Association of RealtorsⓇ (NAR), 35% of consumers believe they need to save 16-20% for a down payment, while 10% believe they need more than 20%. Saving that much for a down payment might discourage you from buying a house, but I’ve good news for you!


Since 2018, first-time homebuyers have only paid ______% for down payments.


Since 2018, first-time homebuyers have only paid 6-7% for down payments. How about that!? In many cases, I was surprised and excited to hear that we don’t have to worry about saving 20% for a down payment on a house. If you want to stretch your money even further, why now buy a house in an affordable metro area where down payments are below 9%? Check out the savings you can enjoy when purchasing your first home in these metro areas:


Fayetteville, North Carolina:  

Average down payment: 4.3% 

Median home price: $239,000




Monroe, Louisiana

Average down payment: 4.7% 

Median home price: $192,000


Topeka, Kansas

Average down payment: 7.1% 

Median home price: $159,777


Hattiesburg, Mississippi

Average down payment: 4.3% 

Median home price: $220,000




Mobile, Alabama

Average down payment: 7.6% 

Median home price: $249,000


Florence, South Carolina

Average down payment: 8.0% 

Median home price: $237,000


Odessa, Texas

Average down payment: 8.1% 

Median home price: $275,000




Springfield, Ohio

Average down payment: 8.4% 

Median home price: $157,000




Johnstown, Pennsylvania

Average down payment: 8.6% 

Median home price: $145,000


Saginaw, Michigan

Average down payment: 8.7% 

Median home price: $160,000


If you want to buy your first home and save on the down payment, consider living in the abovementioned areas. Talk to your real estate agent about housing and down payment options in your area, so you know how much you need to save toward your first home. If you don’t have a local real estate agent to help you, please let us know at We hope you find the house of your dreams!

NOTE:  Most median housing prices listed above are from


Janelle D.

I've worked in the real estate sector for more than a decade and enjoy sharing my knowledge on the subject and researching the latest trends. In my free time I like to craft, spend time with my family and dog, participate in outdoor activities like hiking, and I'm passionate about photography.

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