California Homebuyers Put Down Some of the Largest Down Payments in the Nation, Study Finds

Homebuyers in some of California’s largest cities are putting down a hefty share of a home’s purchase price than buyers anywhere else in the country, a new study has revealed.

Homebuyers in San Jose, San Francisco, and Anaheim made the highest median down payments in March among the 40 most populous cities in the U.S., according to a study by Redfin.

In all three California cities, the typical buyer put down 25% of the purchase price, the highest share recorded in the analysis.

The findings come as down payments are becoming smaller across the country, according to the study.

Across the U.S., the typical homebuyer put down $64,000 in March, down 1.5% from the previous year. The median down payment accounted for 15% of the purchase price, compared to 16.1% a year earlier.

While down payment percentages slipped nationally, California’s housing markets saw an opposite trend.

California cities with the highest median down payment include:

• • San Jose: $425,000
  • San Francisco: $422,500
  • Anaheim: $300,000
  • Oakland: $200,000
  • Los Angeles: $174,000
  • San Diego: $165,000
  • Sacramento: $94,000
  • Riverside: $51,450

While California’s largest housing markets continue to command some of the biggest down payments, the state’s housing market is beginning to grow more favorable for homebuyers.

A Redfin analysis in February 2026 found that several California cities qualified as a buyer’s market in January, indicating that there were more than 10% more sellers than buyers.

However, the changing market conditions appear to be unfolding unevenly across California. Recent housing data shows that Northern California metros are showing signs of recovery earlier than many Southern California markets, with stronger sales activity and improving market conditions in several Bay Area communities.

National Down Payment Trends

As home prices cool, homebuyers have been making smaller down payments, the Redfin analysis noted. The increase in lower-down-payment loan products and less pressure to get involved in bidding wars are also leading to smaller down payments.

Homebuyers are now trying to preserve more cash and spend it on other things, such as moving expenses or future monthly payments.

Many housing markets have become buyer-friendly, which is easing pressure on homebuyers to make large down payments.

Although down payments have declined from their peak, decreasing 1.5% year over year, it is still well above pre-pandemic levels, according to the analysis.

In dollars, down payments have doubled since 2019, largely driven by the increasing home prices.

While some California metro cities commanded the highest down payments, down payment percentages were the lowest in Virginia Beach, VA (2%), Detroit (5%), and Las Vegas (6%), according to the report.

Overall, the median down-payment percentage saw a decline in 18 metros, with the sharpest declines in Fort Lauderdale, FL, Las Vegas, and Atlanta