The top 5 cities in the United States where homebuyers make the largest down payments are in California with Santa Barbara County coming in at number three, reports CNBC.
Throughout the nation down payment amounts fell relative to home prices last year, but as California homebuyers know, most down payments require at least $100,000 for a home.
The top 15 most expensive real estate markets in the United States, based on the median cost for a typical down payment, runs from over $200,000 to $80,000.
The number one location is the “San Jose-Sunnyvale-Santa Clara” market in California with a median down payment of $235,183.
Coming in second is “San Francisco-Oakland-Berkeley” at $202,575. In third place is “Santa Maria-Santa Barbara for $160,750.
The median home price in Santa Maria for 2023 is $605,000 while the median price in Santa Barbara is $1,744,000.
Coming in fourth place is “Los Angeles-Long Beach-Anaheim” for $152,275, “Santa Rosa-Petaluma” at $147,550 in fifth, and the “Oxnard-Thousand Oaks-Ventura” market for $142,800 in sixth place.
The median home price in Ventura is $880,000, and $795,000 in Oxnard while Thousand Oaks is $1,066,500.
The rest of the list included communities in Seattle, San Diego, Boston, Sacramento, and New York City.
According to a Realtor.com analysis of the 150 largest real estate markets for the quarter ending in September, homebuyers put down an average of 13.8% of the home price in 2023. A decrease from 14.7% for the same time the previous year, although more cash was put into down payments overall in 2023.
CNBC’s article states this might suggest that fewer people can afford an upfront down payment of 20% for a home.