Apr 23, 2024 - News

Down payments go up in Seattle

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.

Go deeper: What people are sacrificing to afford housing

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