Housing Market 2023: 8 Cities That Will Give You $10K Toward Your Down Payment

Wells Fargo Home Lending is offering $10,000 Homebuyer Access grants that will be applied toward the down payment for eligible homebuyers who currently live in or are purchasing homes in eight metropolitan areas.

This offering under the company’s Special Purpose Credit Program (SPCP) adds another key component to Wells Fargo’s efforts to help drive economic growth, sustainable homeownership, and neighborhood stability in minority communities, Wells Fargo said in an August press release.

Asked how Wells Fargo picked these specific areas, a spokesperson said they were selected because they offered strong opportunities to increase homeownership among minority families, based on historical home purchase activity, and because they are locations where Wells Fargo has overlapping strategies that can help support the program’s success.

“Wells Fargo has local home mortgage consultants in the selected markets, for example, and our Dream. Plan. Home. closing cost credit is also available in these geographies,” the spokesperson said.

Here are the eight areas in which the grants are available initially to homebuyers.

Average home prices: The average Minneapolis-St. Paul-Bloomington area home value is $373,640, down 1.3% over the past year and goes to pending in around 13 days, according to Zillow.

Taxes: The minimum combined 2023 sales tax rate for Bloomington is 7.53%. For St. Paul, it’s 7.88% and for Minneapolis, it’s 8.03%.

Average home prices: The average Philadelphia-Camden-Wilmington home value is $346,473, up 4.3% over the past year, and goes to pending in around eight days, according to Zillow.

Tax rate: The sales tax rate for Philadelphia-Camden-Wilmington metro area is 6.1%, according to Best Places.

Average home prices: The average Dallas-Fort Worth-Arlington home value is $373,556, down 3% over the past year, and goes to pending in around 12 days.

Tax rate: All three cities’ sales tax rate stands at  8.25%.

Average home prices: The average Washington-Arlington-Alexandria home value is $541,810, down 0.1% over the past year, and goes to pending in six days, according to Zillow.

Tax rate: The tax rate for all three cities is 5.9%, according to Best Places.

Average homes prices: The average Baltimore-Columbia-Towson home value is $372,577, up 3.6% over the past year, and goes to pending in around six days.

Tax rate:  The sales tax rate for the Baltimore-Columbia-Towson area is 6%, according to Best Places.

Average home prices: In July 2023, Sandy Springs home prices were up 4.5% compared to last year, selling for a median price of $605,000, according to Redfin. The average Alpharetta home value is $656,261, up 2.6% over the past year, and goes to pending in around 10 days, according to Zillow.

Meanwhile, the average Atlanta home value is $376,972, down 1.2% over the past year, and goes to pending in around 21 days.

Tax rate: Both Sandy Springs and Alpharetta’s sales tax rate stand at 7.75%, while Atlanta’s is higher, at 8.9%.

Average home prices: The average Charlotte-Concord-Gastonia home value is $369,442, down 0.3% over the past year, and goes to pending in around eight days, according to Zillow.

Tax rate: Sales tax rate for the Charlotte-Concord-Gastonia area is 7.1%, according to Best Places.

Average home prices: The average New York-Newark-Jersey City home value is $618,653, up 2.7% over the past year, and goes to pending in around 24 days, according to Zillow.

Tax rate: Jersey City and Newark’s sales tax rate stands at 6.63%. Meanwhile, it’s much higher in New York City- with a 8.87% tax rate.