Which US cities have the highest down payments to buy a home?
An essential part of the American dream is owning a home, but housing is one of the largest expenses in the US with down payments varying from city to city.
In the United States, buying a house represents a large expense, which is why many resort to mortgage loans. In these cases, those seeking to own a home must pay an initial down payment, which is usually very high in some states and cities across the country.
What states have the highest down payments to buy a house in the USA?
According to the National Association of Realtors, this year the national average down payment has been 13 percent of the value of the home. According to Optimal Blue, the states with the highest down payment are:
- California: $103,000
- Idaho: $94,000
- District of Columbia: $86,625
- Colorado: $83,014
- Hawaii: $82,135
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The US cities with the highest down payments to buy a house?
According to LendingTree, a down payment on a home in the 50 largest metropolitan areas in the country averages $62,611. California is home to the three metropolitan areas with the highest down payments: San Jose, San Francisco and Los Angeles. The average down payment in San Jose is $142,006, while in San Francisco and Los Angeles, those figures are $131,631 and $104,749, respectively.
The average down payment in Washington D.C. it is $78,831, while in New York City it is $88,195.
On the other hand, the cities with the lowest down payment are:
- Oklahoma City, Oklahoma: $38,169
- St Louis, Missouri: $40,113
- Virginia Beach, Virginia: $40,530
Other cities across the country with lower-than-average down payment costs include:
- Louisville, Kentucky: $43,606
- Memphis, Tennessee: $43,935
- Cleveland, Ohio: $44,121
- Cincinnati, Ohio: $44,574
- New Orleans, Louisiana: $45,580
- San Antonio, Texas: $46,000
- Detroit, Míchigan: $46,049
As for mortgages, according to Insider calculations using data from the US Census Bureau, Department of Housing and Urban Development, Freddie Mac, and the National Association of Realtors, the average monthly mortgage payment is $2,064 on a 30-year fixed mortgage and $3,059 on a 15-year fixed mortgage.