In the past three years, the median down payment on homes in key U.S. regions has doubled, exceeding the increase in housing prices overall.
According to a recent survey by real estate company Redfin of 40 metro regions.
The median down payment for house purchases by purchasers with mortgages reached a peak of over $66,000 in May and June 2022.
The typical down payment was just around $33,000 in the summer of 2019, three years prior to the housing boom that followed the epidemic.
In other words, during those three years, the usual down payment increased by 100%.
Home prices were rising as well, albeit not nearly as swiftly, Redfin reported, rising by around 38% over the three years ending in July 2022.