What Is the Average Down Payment on a House?
KEY POINTS
- The median home down payment is 15% of its value, or $62,800 based on the median home sales price in the last quarter of 2024.
- First time home buyers put a median of 9% down. Repeat home buyers put a median of 23% down.
- The older the home buyer, the larger the down payment relative to the home price, in general.
The median down payment on a house is 15% of its value, just below the old rule of thumb that home buyers should put 20% down. In reality, most Americans aren't putting 20% down to buy a home, according to the National Association of Realtors.
The value of a down payment relative to the home purchase price depends on a number of factors, including the age of the home buyer, if it's their first time buying a home, and the location of the home.
Motley Fool Money has put together the latest data to provide a fuller picture of how much home buyers are putting down when they make a home purchase.
How much is the median down payment on a house?
The median down payment on a house is 15% of its value, according to the National Association of Realtors. Based on the median home sales value in the fourth quarter of 2024, $419,200, the median home down payment is $62,800.
The size of a down payment changes significantly between a first time home buyer and repeat home buyer.
- For a first time home buyer, the median down payment is 9% of the home's value, which comes out to $37,728.
- For a repeat home buyer, the median down payment jumps to 23% of the home's value, which comes out to $96,416, based on the median home sales price in the last quarter of 2024.
The median house down payment by age
Older home buyers tend to make a larger median home down payment, relative to the cost of the home. Younger home buyers have had less time to save for a down payment and are less likely to be able to put proceeds from a home sale towards the down payment of a new home.
| Age | Median Down Payment | Median Down Payment With $419,200 Home Sales Price |
|---|---|---|
| All buyers | 15% | $62,880 |
| 25 to 33 | 10% | $41,920 |
| 34 to 43 | 13% | $54,496 |
| 44 to 58 | 15% | $62,880 |
| 59 to 68 | 22% | $92,224 |
| 69 to 77 | 35% | $146,720 |
| 78 to 98 | 29% | $121,568 |
The median house down payment by state
The median down payment on a home varies significantly depending on the state, from $190,000 in Hawaii to $13,000 in Mississippi, according to Attom Data from October 2024. Generally, states with higher median home prices have higher median down payments.
States with the highest median home down payments are:
- Hawaii: $190,000
- Washington, D.C.: $180,180
- California: $158,000
- Washington: $122,000
- Massachusetts: $120,000
The states with the lowest median home down payments are:
- Mississippi: $13,000
- Texas: $15,000
- Louisiana: $19,550
- West Virginia: $21,250
- Alabama: $25,000
The map and list below shows the median home down payment by state.
How to start saving for a down payment
The first step in saving for a down payment is to get an idea of the type of house you want to buy and where you'd like to buy it. That will provide a range of home prices that you can set a down payment goal from.
With a down payment goal set, the next step is to take stock of your current finances, including savings, any stocks and other investments, other sources of cash, like a gift from family for a down payment, and your income. From there, you can set a budget that aligns your down payment goals with your cash flow and money already on hand.
Once you've got cash in hand for a down payment, you can begin the process of getting approved for a mortgage and start your home-buying search in earnest.
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Sources
- Attom Data (2024). "U.S. Real Estate & Property Data."
- Federal Reserve (2025). "Median Sales Price of Houses Sold for the United States."
- National Association of Realtors (2024). "2024 Home Buyers and Sellers
- Generational Trends Report."
- National Association of Realtors (2024). "Profile of Home Buyers and Sellers."
Our Research Expert
Jack Caporal is the Research Director for The Motley Fool and Motley Fool Money.
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