2024 Down Payment Reality Check: How Your State Stacks Up
By SFields Group | Real Estate Insights
At SFields Group, we know that understanding down payment requirements is key to unlocking homeownership. Recent data from This Old House Reviews and Macon.com reveals stark differences in what buyers face nationwide. Here’s our breakdown—plus strategic advice to help you prepare.
The State of Down Payments in 2024
1. The Highs & Lows by Location
- Highest Median Down Payment: Hawaii ($134,850)
- Lowest Median Down Payment: Iowa ($33,150)
- National Median: $63,900 (15% down)
Why it matters: Where you buy directly impacts your savings timeline. Markets like California and the Northeast demand significantly higher upfront costs than the Midwest or South.
2. Metro vs. State: Where Can You Save?
Some cities defy state averages—for better or worse:
- Buffalo, NY ($36,750) vs. NY State ($68,850)
- San Jose, CA ($195,000) vs. CA State ($117,750)
SFields Tip: If you’re flexible on location, nearby suburbs or smaller metros could offer major savings.
Smart Strategies for Buyers
1. You Don’t Always Need 20% Down
- FHA Loans: 3.5% down
- Conventional Loans: 3–5% down
- VA/USDA Loans: 0% down (for eligible buyers)
2. Leverage Down Payment Assistance
Programs like Bank of America’s Down Payment Grant (up to $10,000) or state-specific first-time buyer funds can bridge the gap.
3. Save Strategically
- Automate savings into a dedicated account.
- Trim expenses (e.g., temporary cuts to subscriptions/dining out).
- Explore gift funds (many loans allow family contributions).
The Bottom Line
With prices and rates in flux, planning your down payment is more critical than ever. SFields Group can help you:
- Analyze local affordability
- Identify loan/assistance programs
- Refer you to a Real Estate Professional in your area
Explore Further:
View Full Down Payment Data
Read Macon.com Report