1034 ET - In 4Q, the typical U.S. down payment was $30,250, Realtor.com says, down slightly from 3Q but up $3,000 from a year ago. Down payments hit record highs in 2024, averaging $29,900, or 14.4% of purchase price, versus $27,200, or 14.2%, in 2023. That is 3.4 points above pre-pandemic levels, driven by a market favoring high-end homes and wealthier buyers, who put down more to offset high mortgage rates. Entry-level buyers are being sidelined by the high downpayments. Pandemic-era savings, which spiked to more than 30% of disposable income--versus 6.5% pre-pandemic--bolstered larger down payments, a trend persisting despite a lower savings rate now. With the market stable and tilted toward less price-sensitive buyers, down payments--double pre-pandemic medians--should stay elevated. (chris.wack@wsj.com)
(END) Dow Jones Newswires
March 27, 2025 10:35 ET (14:35 GMT)
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