Apr 29, 2024 - News

Phoenix down payments jump 31% since 2023

Data: Redfin analysis of county records; Note: National data calculated from 40 of the most populous U.S. metro areas; Chart: Axios Visuals

Phoenix's median down payment reached $47,000 in February, up about 31% from just a year earlier, according to a new report from Redfin.

The big picture: Homebuyers are reaching deeper into their pockets on the front end to soften their monthly payments, Redfin researchers say.

Yes, but: The typical Phoenix down payment in February of 10% fell below the national 15% median, per the report.

Between the lines: Those who put at least 20% down can avoid the added cost of private mortgage insurance.

Reality check: First-time buyers across the country are still struggling to get their feet in the door.

  • First-timers don't have equity from selling a home to boost their down payment, and they're often competing against cash buyers, according to Redfin.

ICYMI: New Arizona program will provide up to $30,000 for first-time homeowners

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