Down Payments on Homes Much Lower Than 20% for Most Buyers Today

The idea that you need a 20% down payment on a home dates back to the Great Depression, but this is not realistic for most buyers today.
The median home price is around $400K, so 20% would be $80K - but typical first-time buyers put down 6-7%, or $24K on a median priced home.
Some government programs offer mortgages with little to no down payment required. Banks and credit unions also offer low down payment options.
Grants from states, cities, and other groups can help cover down payments and closing costs for eligible buyers.
Resources like HUD.gov help homebuyers find down payment assistance programs in their area to make homeownership more affordable.

cnbc.com

Relevant topic timeline:

8/24/2023

Zillow Offers 1% Down Payment to Lure Struggling Homebuyers

Zillow Group Inc. is offering mortgages with just a 1% down payment in an effort to attract homebuyers in the most unaffordable market in decades, offering to pay 2% of the down payment at closing.

9/18/2023

Home Prices Squeeze First-Time Buyers

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