![]() ![]() While this housing market sector isn’t as prevalent as primary residences, the higher amount signals that buyers with disposable income can put more money down. The average down payment for a second home or investment property is 27% of the purchase price, according to ’s 2023 Down Payment Report. Down Payments for Second Homes Are Higher Two potential reasons for the higher median deposit are that buyers have more purchasing power and also want a lower monthly payment due to higher mortgage rates. Western states like Idaho and Arizona are experiencing the sharpest declines due to the rapid price run-up from 2020 to 2023. Generally speaking, northeastern and midwest states such as Wyoming and Connecticut have witnessed the highest year-over-year increases, according to ’s report. ![]() Conversely, some of the priciest markets see declining down payment amounts as the crunch in home affordability continues. However, several of the most affordable state-level and local markets have seen an increase in median down payments as a percentage of the sales price. The median sales price decreased by 7.4% from $449,300 to $416,100 over a similar period. Home buyers are posting smaller down payments in most housing markets since home prices peaked in the fourth quarter of 2022 and are decreasing through 2023 year-to-date.įor instance, the average median down payment was $34,248 in Q2 2023, down 3.3% year-over-year from $35,410. has the highest down payment percentage amount at 20.4%, with a $100,800 median down payment due to the area’s expensive housing market. In the second quarter of 2023, Louisiana home buyers made the lowest average down payment of 9.2% at $6,729, while Washington, D.C. The nationwide average down payment for a house is 14.4%-an average median of $34,248-during the second quarter of 2023, reports Hannah Jones, an economic data analyst at. What Is the Average Down Payment on a House? ![]()
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