During this time of high mortgage rates , making a large down payment reduces your necessary loan amount and can save you significantly over a 15- or 30-year mortgage term. But in high-demand housing markets where bidding wars are the norm, large down payments have become more of a necessity to stand out to sellers and find a property at all.
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Realtor.com reported that the national average down payment percentage (based on the property’s list price) was 13.8% in September 2023. Homebuyers in some cities were putting down much more than this, though. Based on this data, here are the five cities where homebuyers made the largest down payments.
1. Santa Rosa, California
- Average down payment percentage (based on home list price) : 25%
- Variation from national average : 11.2%
- Median down payment amount : $147,550
- Median September 2023 home list price : $1,070,990