Denver's median down payment balloons
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Prospective homebuyers in metro Denver are putting up some serious cash.
The big picture: The median down payment in Denver was $84,427 in December, or 15% of the purchase price, Redfin data shows.
- That's 13.3% higher than the previous year.
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 slightly 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 getting cheaper.
What we're watching: Many young people use family cash for down payments.
- Meanwhile, one in five aspiring homeowners says they may never save enough, per a recent Bankrate survey.