If you’re thinking about buying a house, you might assume you need 20% down payment. However, while that number has been considered the standard for many years, most mortgages do not require a 20% down payment. And it’s definitely not typical for home buyers today.
Below are the numbers you need to know when setting your down payment saving goals.
What is the average down payment for a house?
According to a survey by a real estate data company, in January 2025, the median down payment for a US home was $54,310. Figurine. This is 15% of the median selling price of a US home at the time.
But that number includes all buyers. If you dig a little deeper, the median down payments vary widely based on the buyer’s history. For example, a repeat buyer – a former homeowner – earns a median down payment of 18%, First time buyer According to 2024 data from 2024, earning a median down payment of 9% National Association of Realtors.
The housing market is constantly evolving, and so is the typical down payment. As you can see in the chart below, asset values have skyrocketed in recent years, there are also amounts that people tend to place on mortgages.
Median average vs down payment
You may be looking for an average down payment for your home, but most housing professionals focus on the median. why? Median, the median, of a dataset, is a better indicator of what is typical. On the other hand, the average can be skewed by borrowers making unusually high or unusually low down payments.
Down payments by state
Average down payment based on age
Generally, the younger the buyer, the smaller the down payment. Older buyers were likely able to sell their previous homes to fund their down payments, and had more years of work to save for the purchase.
| Age group | Median down payment |
|---|---|
|
Home buyer ages 26-34 |
10% |
|
Home buyer ages 35-44 |
14% |
|
Home buyers ages 45-59 |
17% |
|
Home buyers ages 60-69 |
28% |
|
Home buyers ages 70-78 |
36% |
|
Home buyer ages 79-99 |
38% |
| sauce: National Association of Realtors |
Down payment requirements for various mortgage types
Minimum amount required down payment It depends on the cost of your home and the type of mortgage you have. The requirement is from No down payment Over 10% at all. The overview is as follows:
How much do I need a down payment?
Minimize down payment It’s always an option, but you can put more. The larger the down payment, the less you need to borrow, and the lower your monthly payments and total interest costs. Also, you’re more likely to get Better interest rates About your mortgage. And a bigger down payment will lead to more equity in the home to start – tapable assets and potential guardians against a reduced value in the home.
If you’re looking for ways to increase your down payment savings, consider that 14% of current homeowners use financial gifts from family and friends for their down payments in their first home, while another 14% use first-time buyer assistance loans or programs. Bankrate Down Payment Survey.
Lenders no longer require 20%, but if you can place that amount on a traditional mortgage, avoid paying. Private mortgage insurance (PMI). This charges an additional fee for monthly payments until you reach 20% stake at home.
Ultimately, however, whether you decide to go beyond the minimum depends on your finances and what you feel most comfortable with. If you’ve been renting for a while and your savings are limited, you may want to raise your down payment at least below the lowest level, especially if your housing needs are changing. Buy a house faster than later You can also quickly move you into the area of wealth building and acquire as an asset you can pass on Future generations.
Examples of down payments
We did math to help you Please estimate your down payment In a variety of price ranges.
| Home prices | 3% down | 10% down | 20% down |
|---|---|---|---|
| $200,000 | $6,000 | $20,000 | $40,000 |
| $300,000 | $9,000 | $30,000 | $60,000 |
| $400,000 | $12,000 | $40,000 | $80,000 |
| $500,000 | $15,000 | $50,000 | $100,000 |
| $600,000 | $18,000 | $60,000 | $120,000 |
| $700,000 | $21,000 | $70,000 | $140,000 |
| $800,000 | $24,000 | $80,000 | $160,000 |
| $900,000 | $27,000 | $90,000 | $180,000 |
| $1 million | $30,000 | $100,000 | $200,000 |
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