San Diego homebuyers put down $169K — nearly triple the U.S. median
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The median home down payment in San Diego was $169,000 in December, nearly three times the national median, Redfin data shows.
Why it matters: Homebuyers are shelling out big money up front to avoid high monthly payments as mortgage rates hover near 7%.
The big picture: San Diego's typical downpayment was largely unchanged from a year ago.
- That's because home prices have held steady, and a competitive housing market has maintained the norm of a 20% downpayment.
Stunning stat: The median downpayment at the end of last year was nearly three times bigger than in January 2011.
- The typical San Diego homebuyer put down $61,000 14 years ago, compared to the $169,000 needed late last year.
Zoom out: The median U.S. down payment ticked up to roughly 16% of the purchase price from 15% a year ago, according to a Redfin report.
Context: Buyers in the Bay Area have it even worse. The median down payment in San Francisco in December reached $375,000, or 26.4% of the median purchase price. In San Jose, it was $386,000, or 25% the median purchase price.
- Los Angeles was closer to San Diego, with a $182,000 median downpayment, or 20%.
- Riverside continued to act as a pressure release valve for buyers in southern California, with a $64,450 median downpayment, or 11.4%.
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 becoming cheaper.
What we're watching: Many young people are using family cash for down payments.
- Meanwhile, one in five aspiring homeowners say they may never save up enough, per a recent Bankrate survey.