![]() That’s why low-down payment and no-down mortgage options exist. They’re also less likely to have obligations like student loan debt and car payments.īut it shouldn’t be necessary for anyone of any age to save up a 20% down payment. This means they can use equity - rather than depending on their savings account - to make their down payment. Older buyers are much more likely to already own homes. ![]() The median down payment for younger buyers is only 8% - and many loan programs allow 3%, 3.5%, or even zero down.Īs you can see in the list above, only buyers in their late 50s and older reach the 20% threshold as a group. Many first-time home buyers think they need 20% down to buy a house. The right down payment for you will depend on your loan program and your financial goals. Some buyers put down more, and others less. Median down payment on a house by age of buyer: Check your low-down-payment loan options. But first-time buyers often prefer a smaller down payment and the average varies a lot by age group. The NAR found the median down payment for all home buyers was 13 percent. In its 2022 report, the National Association of Realtors (NAR) examined home purchase trends in the U.S. And for buyers aged 23 to 41, that drops to just 8-10 percent.Īnd, with some loan programs, it’s possible to make a down payment of three or even zero percent. In fact, the median down payment on a home is only 13% according to the National Association of Realtors (NAR). The average down payment on a house is far less than many first-time home buyers believe. J11 min read What’s the average down payment on a house? ![]()
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