Data: Redfin; Note: Among 40 most populous U.S. metro areas; Chart: Axios Visuals
The median home down payment in the Charlotte area was $50,000 in December, or 14.1% of the purchase price, Redfin data shows.
That's up 20.5% compared to a year earlier.
Why it matters: Homebuyers are shelling out more money up front to avoid high monthly payments as mortgage rates hover near 7%.
The big picture: The median U.S. down payment ticked up to roughly 16% of the purchase price from 15% a year ago, according to a Redfin report.
The dollar amount climbed around $4,000 to over $63,000, mainly due to rising home prices.
Between the lines: Buyers who put at least 20% down can avoid the added cost of private mortgage insurance, though some experts say PMI is becoming cheaper.
What we're watching: Many young people are using family cash for down payments.
Meanwhile, one in five aspiring homeowners say they may never save up enough, per a recent Bankrate survey.
