Apr 29, 2024 - News
Median down payment for metro homes rises
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You'll need a little more money for a down payment to land your Denver dream home.
The big picture: The median down payment for a home in metro Denver was $70,000 in February, up about 7% from February 2023, according to data from Redfin.
State of play: Homebuyers are reaching deeper into their pockets on the front end to lower their monthly mortgage payments, Redfin researchers say.
- The median U.S. down payment in February was 15% of the purchase price, up from 10% a year earlier, per the report.
- The median down payment in metro Denver was 12.7% of the purchase price.
Between the lines: Those who put at least 20% down can avoid the added cost of private mortgage insurance.
The bottom line: First-time buyers are still struggling to get their feet in the door.
- They don't have equity from selling a home to boost their down payment, and they're often competing against cash buyers, according to Redfin.