If you are looking to buy a home, a new report indicates how much money you may need up front for a down payment.
This Old House Reviews has ranked states and the District of Columbia for the median down payment needed for a home purchase. The report also ranks major metropolitan areas for a median down payment.
According to This Old House Reviews, Mississippi’s median down payments ranks above only Iowa among the lowest in the country. Mississippi home buyers need a median amount of $34,050 for a median-priced home worth $227,000. In Iowa, the median price of a residence is $221,000 and the median required down payment is $33,150.
The state with the highest median down payment is Hawaii, with an median price of $134,850.
Nineteen states and the District of Columbia have a higher down payment than the national median price of $63,900.
As far as metropolitan areas are concerned, Memphis ranked 42nd in the country with a median down payment of $40,500 for a median-priced home of $270,000. The most expensive metro area is San Jose, California, where the median price for a home is $1.62 million and a mendian down payment of $243,000. The top-four metro areas are in California with Seattle, Washington ranked number five and New York at number six.
From 2020-2021, the median sale price of a home grew by 14.63 percent, according to data from Redfin. This Old House Reviews reports the growth has slowed, but continues, with the median sale price rising another 3.81 percent from 2022-2023.
You can read more details in the report from This Old House Reviews.