Median down payment for Portland metro homes rises
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The median down payment in the Portland metro area reached $71,000 in February, up more than 8% from just a year earlier, according to a new report from Redfin.
Why it matters: You'll need a little more money on hand for a down payment to land your dream home.
- Homebuyers are reaching deeper into their pockets on the front end to soften their monthly payments, Redfin researchers say.
The big picture: The typical Portland down payment of over 15% mirrored the national median in February, 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.
The intrigue: The share of home purchases made with cash in Portland grew nearly six percentage points — 31% — between February 2023 and February 2024, the fourth largest increase across 40 of the most populous U.S. metropolitan areas.