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This annual figure was up from 14.2% and $27,200 in 2023.
Its worth pointing out that the median down payment amount in the fourth quarter of 2024 was $30,250.
We will explore why this is the case as we approach the summer months of 2025.
Here are five reasons why down payments are staying on the higher side.
Also find out how to save up for a down payment while on a $50,000 salary.
This increased equity allows them to use the proceeds towards purchasing their next home., he added.
Higher housing prices are forcing home buyers to put down more money to get approved for a mortgage.
Part of the reason housing prices havent dropped is that the competition hasnt vanished yet.
With multiple offers, sellers know they can be selective with whom they choose to sell to.
However, as housing prices and rates remain elevated, down payments will stay on the high side.
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