Apr 29, 2024 - News
Phoenix down payments jump 31% since 2023
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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