Homebuyers Face Steep Down Payments Amid Rising Costs

TL;DR Summary
Zillow's analysis reveals that due to rising home values and mortgage rates, the traditional 20% down payment is no longer sufficient for most buyers. Median-income households now need to put down around 35.4% to afford monthly payments comfortably, with even higher percentages required in expensive markets like Los Angeles and San Jose. This shift is making homeownership increasingly challenging, especially for first-time buyers who often rely on financial help from family.
- Zillow says buyers need a 35% down payment instead of 20% to afford a typical home in 2024 Fortune
- Median income family in San Diego would need ‘nearly impossible’ down payment to afford mortgage FOX 5 San Diego
- Buyers Needs a $127000 Down Payment to Afford a Typical Mortgage Payment Zillow Research
- Austin homeowners facing large down payments for mortgage costs | kvue.com KVUE.com
- Report: It takes 18 years to save for a Denver home down payment FOX 31 Denver
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