Cities Where Buyers Bring the Largest Down Payments

Piggy bank representing saving for down payment

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Higher home prices are making it harder to save for the common 20% down payment on a home. Buyers can purchase and put a lot less down, but they are struggling to compete in a housing market in which sellers are paying attention to the size of buyers’ down payments as they judge the best offer.

“In competitive markets, having a high down payment can help your offer stand out,” says Danielle Hale,®’s chief economist. “Sellers like them because they’re more likely to go through to closing. That doesn’t mean that everyone can do so. Generally, you see them among older home buyers who have more equity from a previous home they can use.”

In general, the more competitive the housing market, the higher down payments tend to be,® says.®’s research team identified the places with the highest median down payments by evaluating 300 of the largest metro areas using August housing data.

The metros with the highest average down payments are:

1. The Villages, Fla.

  • Average down payment: 27.1%
  • Median home list price: $366,950

2. Santa Cruz, Calif.

  • Average down payment: 25%
  • Median home list price: $1,200,00

3. Coeur d’Alene, Idaho

  • Average down payment: 22.5%
  • Median home list price: $749,950

4. Prescott, Ariz.

  • Average down payment: 21.4%
  • Median home list price: $569,750

5. Kahului, Hawaii

  • Average down payment: 20.7%
  • Median home list price: $1,149,000

6. Boulder, Colo.

  • Average down payment: 20.6%
  • Median home list price: $749,950

7. Barnstable, Mass.

  • Average down payment: 20.6%
  • Median home list price: $699,500

On the other hand, the metros with the lowest down payments include Fayetteville, N.C. (3.7% average down payment) and Alexandria, La. (5.1% average down payment), according to the analysis.

Visit® to view the full list of metros with the highest and lowest down payments.