How Does Your State Rank in Down Payments?

November 1, 2018

The average down payment for a home is decreasing, which could be good news for those looking to buy. Prospective buyers may need to save less money for a down payment, according to a new study by LendingTree.

The average down payment amount for U.S. homes dropped in the third quarter by nearly 10 percent, falling from $52,480 to $47,265, the study shows. However, the overall average down payment percentages for conventional 30-year, fixed-rate purchase mortgage offers stayed about the same—about 18.05 percent.

LendingTree ranked states based on their average down payments.

Lowest average down payments (by percentage):

Alaska

  • Average down payment percentage: 15.41%
  • Average offered down payment: $36,476
  • Average offered loan amount: $236,643

West Virginia

  • Average down payment percentage: 15.44%
  • Average offered down payment: $21,415
  • Average offered loan amount: $138,696

Mississippi

  • Average down payment percentage: 15.78%
  • Average offered down payment: $22,964
  • Average offered loan amount: $145,523

 

Highest average down payments:

California

  • Average down payment percentage: 21.44%
  • Average offered down payment: $97,809
  • Average offered loan amount: $454,146

Hawaii

  • Average down payment percentage: 21.32%
  • Average offered down payment: $69,923
  • Average offered loan amount: $328,046

Delaware

  • Average down payment percentage: 21.29%
  • Average offered down payment: $51,678
  • Average offered loan amount: $242,735

 

 
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