HomeMedian down payment by generation
The median down payment varies based on age demographic with the general trend of younger buyers being able to afford a smaller down payment as a percentage of the home purchased. For homebuyers 25 to 33 the primary source of their down payment comes from savings, followed by gifts from a friend or relative in second. The overall median down payment is 15% which would be $61,845 on the median home price of $412,300 in the United States.
| Age group | Median down payment percentage |
|---|---|
| All Buyers | 15% |
| Home Buyers 25 to 33 | 10% |
| Home Buyers 34 to 43 | 13% |
| Home Buyers 44 to 58 | 15% |
| Home Buyers 59 to 68 | 22% |
| Home Buyers 69 to 77 | 35% |
| Home Buyers 78 to 98 | 29% |
Average down payment by state
The average down payment varies by state with higher down payments found in states with a higher cost of living and real estate market.
The price of homes in the United States has made home ownership very difficult for those looking to purchase a home. A major obstacle involved in purchasing a home in the United States is saving enough money to make the down payment. While the first question may be how much is a down payment on a house? The follow up question would be how long does it take to save for the down payment on a home?
In a recent study released by Zillow which analyzed U.S. metropolitan areas it shows that a home buyer needs to put down $127,750 on the typical home in the United States for it to be considered affordable for a home that is making the median household income. The national median household income in the U.S. was $74,580 in 2022 which translates to $80,037 in 2024 when adjusting for inflation. If you were able to save 10% of your household income each year and invest it into a savings account earning 5% anually it would take 12 years to reach the down payment required.
This mortgage affordability calculator can be used to see how home affordability changes with various down payment sizes, interest rates, amortization period, annual income and monthly debt payments.
This calculation does not take into account rising home prices which could further increase the down payment required for the typical home in the United States to be affordable to a household earning the median household income.
Source: National Association of Realtors, Zillow, United States Census Bureau