5 Cities Where Homebuyers Are Making the Largest Down Payments

Mid adult couple are considering purchasing a new home. For sale sign in foreground. stock photo
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During this time of high mortgage rates, making a large down payment reduces your necessary loan amount and can save you significantly over a 15- or 30-year mortgage term. But in high-demand housing markets where bidding wars are the norm, large down payments have become more of a necessity to stand out to sellers and find a property at all.

Realtor.com reported that the national average down payment percentage (based on the property’s list price) was 13.8% in September 2023. Homebuyers in some cities were putting down much more than this, though. Based on this data, here are the five cities where homebuyers made the largest down payments.

1. Santa Rosa, California

  • Average down payment percentage (based on home list price): 25%
  • Variation from national average: 11.2%
  • Median down payment amount: $147,550
  • Median September 2023 home list price: $1,070,990

Known for its high cost of living, Santa Rosa tops the list with a 25% average down payment percentage. This city is popular as a vacation and retirement destination, with a median home list price exceeding $1 million. Many relocating homebuyers put down money they gained from home sales to avoid high mortgage rates.

2. North Port, Florida

  • Average down payment percentage (based on home list price): 23.5%
  • Variation from national average: 9.7%
  • Median down payment amount: $81,853
  • Median September 2023 home list price: $525,000

With an average home down payment percentage of 23.5%, North Port is especially popular for retirees looking for permanent residence in the Sunshine State. Plus, many others are interested in vacation homes. This city doesn’t have a sufficient home inventory for the demand, and cash sales are very common.

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3. Fort Collins, Colorado

  • Average down payment percentage (based on home list price): 23.2%
  • Variation from national average: 9.4%
  • Median down payment amount: $105,533
  • Median September 2023 home list price: $625,000

Buyers were putting down an average 23.2% down payment in Fort Collins, known for its outdoor recreation and slightly lower cost of living than Denver. Recent property price cuts and a larger inventory have given home and condo buyers in this city an advantage.

4. Asheville, North Carolina

  • Average down payment percentage (based on home list price): 21.8%
  • Variation from national average: 8%
  • Median down payment amount: $63,733
  • Median September 2023 home list price: $600,000

As a popular destination for nature and art lovers, Asheville had an average home down payment percentage of 21.8%. Rising home prices and limited properties available have led to strong competition in this city. Plus, many buyers could afford to put down a large sum thanks to proceeds from selling their old homes.

5. Boston, Massachusetts

  • Average down payment percentage (based on home list price): 21%
  • Variation from national average: 7.2%
  • Median down payment amount: $108,654
  • Median September 2023 home list price: $849,000

With a 21% average home down payment percentage, Boston has experienced high housing demand and limited available properties. Hefty down payments have become necessary because of frequent bidding wars. This city also had the second-highest median home price on this list.

More Cities With Large Down Payments

Realtor.com also identified these five cities where homebuyers put down around 20% of a home’s listed sale price:

  • Myrtle Beach, South Carolina: 20.7%
  • Boise, Idaho: 20.5%
  • Portland, Maine: 20.3%
  • Salisbury, Maryland: 19.9%
  • New York City, New York: 19.9%

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