Data: Redfin analysis of county records; Note: National data calculated from the 40 most populous U.S. metro areas; Chart: Axios Visuals
The median Seattle area down payment rose to a whopping $165,400 in February, up 31% year-over-year, according to a Redfin report.
Why it matters: Homebuyers are having to reach deeper into their pockets on the front end to soften the impact of steep mortgage rates on monthly payments, Redfin researchers say.
The median U.S. down payment in February was 15% of the purchase price, up from 10% a year earlier, per the report.
Reality check: Without equity from selling a home to boost their down payment, first-time buyers are struggling to even get their feet in the door.
Between the lines: Those who put at least 20% down can avoid the added cost of private mortgage insurance.