Conventional wisdom is that buyers must put at least 20 percent down in order to successfully purchase a home. While it’s true that some properties might require such a hefty chunk of change upfront, 20 percent is hardly the do-or-die requirement it once was. Many low- and no-down payment mortgages are available, and sellers (even in this hyper-competitive market) are often willing to accept more financing if the numbers are right. Here’s what you need to know about the down payment landscape today.

Average down payment statistics

The median national down payment is 13 percent in 2022, according to the National Association of Realtors. For a home priced $389,500, that adds up to $50,635.

Median data (compared to average data) is often a better gauge of national trends. The median is the number at the midpoint of a data set and is seen as more accurate because it doesn’t give extra weight to either extreme.

  • Median down payment on a home at the end of 2021: $26,000, according to ATTOM Data Solutions
  • State with highest median down payment: California ($103,000 as of March 2022, according to Optimal Blue)
  • State with lowest median down payment: Mississippi ($6,982 as of March 2022, according to Optimal Blue)
  • Discrepancies by property type: Townhouse buyers laid out the lowest average down payments in 2021, according to Optimal Blue, while co-op buyers put down the most on average.

Perhaps not surprisingly, down payments have been rising since the Great Recession, and shot up especially quickly in the pandemic seller’s market.

Down payment requirements and assistance programs

Many of the most common mortgages are available with little or no money down for qualifying borrowers:

Loan type Minimum down payment
VA mortgage 0 percent down
USDA mortgage 0 percent down
FHA mortgage 3.5 percent down with a credit score of 580 or more, or 10 percent with a credit score of 500 or more
Conventional (conforming) mortgage 3 percent

Many states and municipalities also offer down payment assistance to first-time and low-income homebuyers. Check out Bankrate’s guide for more information.

Average down payment by state

In March 2022, there was a big spread in median down payments by state. In California, the median was over $100,000, while it was less than $10,000 in a handful of states.

State Median down payment in March 2022
Source: Optimal Blue, a division of Black Knight
California $103,000
Idaho $94,000
District of Columbia $86,625
Colorado $83,014
Hawaii $82,135
Washington $77,800
Massachusetts $77,500
Utah $75,000
Montana $69,975
Oregon $65,375
New Hampshire $63,000
New Jersey $60,200
Arizona $59,000
New York $55,200
Florida $50,000
Nevada $50,000
Delaware $48,300
Vermont $47,000
Rhode Island $45,000
Minnesota $38,000
Maine $35,000
Tennessee $33,250
North Carolina $32,890
Connecticut $32,679
Texas $31,750
South Dakota $29,725
Virginia $29,000
Illinois $26,457
South Carolina $26,000
Wyoming $25,595
Maryland $25,000
Wisconsin $25,000
Pennsylvania $24,000
Nebraska $23,650
Iowa $23,500
New Mexico $23,399
Georgia $21,880
North Dakota $20,000
Kansas $19,190
Michigan $19,000
Ohio $17,775
Indiana $17,000
Oklahoma $16,400
Alaska $16,035
Missouri $15,600
Alabama $14,441
Arkansas $14,000
Kentucky $13,500
Louisiana $8,670
West Virginia $7,000
Mississippi $6,982

Average down payment by generation

In general, the younger a buyer is, the more comfortable they seem to be with a smaller down payment.

Age group Median down payment percentage
Source: 2022 Home Buyers and Sellers Generational Trends Report, National Association of Realtors
All homebuyers 13%
Homebuyers aged 23–31 8%
Homebuyers aged 32–41 10%
Homebuyers aged 42–56 15%
Homebuyers aged 57–66 21%
Homebuyers aged 67–75 28%
Homebuyers aged 76–96 30%

Home value vs. down payment

Here’s a quick table to help you estimate how much your down payment will be based on how much you plan to lay out and the value of the property you’re purchasing:

Purchase price 3% down 3.5% down 10% down 20% down
$200,000 $6,000 $7,000 $20,000 $40,000
$300,000 $9,000 $10,500 $30,000 $60,000
$400,000 $12,000 $14,000 $40,000 $80,000
$500,000 $15,000 $17,500 $50,000 $100,000
$600,000 $18,000 $21,000 $60,000 $120,000
$700,000 $21,000 $24,500 $70,000 $140,000
$800,000 $24,000 $28,000 $80,000 $160,000
$900,000 $27,000 $31,500 $90,000 $180,000
$1,000,000 $30,000 $35,000 $100,000 $200,000

Bottom line

With home prices at record highs and rates rising, homebuyers are scraping together to put as much money down as they can. Appalachia and parts of the South and Midwest continue to be the most affordable markets when it comes to down payments, while California remains the most expensive. Older buyers tend to put down more, likely because they have equity to take advantage of if they’re already homeowners, or have had more time to grow a nest egg.