Americans are putting down larger down payments when purchasing homes, according to the National Association of Realtors’ latest annual Buyer and Seller Report. The median down payment has climbed to 19%, the highest level in more than twelve years.
First-time buyers typically put down 10%, while repeat buyers averaged 23%, marking the widest gap between the two groups since the early 2000s.

The report shows that 74% of buyers financed their purchase, while nearly one in four paid entirely in cash, tying last year’s record share of all-cash transactions.

When it comes to funding their down payment, about half of buyers relied on personal savings, and roughly 25% of first-time buyers tapped 401(k)s, stocks, or other investments.

It should be known that there are loan products where buyers can put down smaller down payments, and sometimes even zero down payments. Also, most states offer down payment assistance programs to give aid.

It is best practice for buyers to consult with their mortgage lender to see what the best option is for their unique situation.

Source : https://bit.ly/47O4Loo