Homebuyer’s Down Payment Hits ‘Record High,’ Surging Nearly 15 Percent in a Year

Published on August 30, 2024

Down payment for buying a home has jumped to an all-time high, driven by factors like high home prices and mortgage rates, according to a report by real estate brokerage Redfin. “The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8 percent from $58,788 a year earlier,” according to an Aug. 28 news release. Year-over-year down payment costs have been rising continuously over the past months, with June recording the 12th straight month of increase. Redfin said the spike in down payment was being influenced by current market conditions where “higher-priced, turnkey homes” located in desirable neighborhoods are likely to get sold. Turnkey homes are fully renovated properties that an investor can buy and rent out immediately....

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