What is the average down payment in the U.S.?

Q: What is the average down payment in the U.S.?

The median U.S. down payment in 2024 was approximately 13% for all buyers, 8% for first-time buyers, and 23% for repeat buyers, per the National Association of Realtors. Down payment data comes from two sources: the NAR's annual Profile of Home Buyers and Sellers (survey-based) and the Federal Reserve's Home Mortgage Disclosure Act dataset (regulatory). The two converge on similar findings. 2024 median down payments All buyers: ~13% of purchase price First-time buyers: ~8% Repeat buyers: ~23% Cash buyers: 100% (32% of all buyers in 2024) The first-time-buyer dynamic First-time buyers' lower down payments reflect their use of FHA loans (3.5% minimum down), VA loans (0% down), and Fannie Mae/Freddie Mac low-down-payment programs (3-5%). Roughly 75% of first-time buyers use government-insured or GSE-backed mortgage products. The repeat-buyer dynamic Repeat buyers' 23% median down payment reflects rolled-over equity from a previous home sale. With U.S. home prices having appreciated significantly since most owners' purchases, the typical repeat buyer can roll over $100K-$200K+ in equity into the new purchase. The historical trend Down payments were higher historically: the post-war norm was 25% down for conventional loans, with FHA loans at 5-10% as the entry-level alternative. The 1990s-2000s subprime expansion drove average down payments below 10%; the post-2008 reforms brought them back to roughly the 2024 levels.

Question

Short answer. The median U.S. down payment in 2024 was approximately 13% for all buyers, 8% for first-time buyers, and 23% for repeat buyers, per the National Association of Realtors.

Down payment data comes from two sources: the NAR's annual Profile of Home Buyers and Sellers (survey-based) and the Federal Reserve's Home Mortgage Disclosure Act dataset (regulatory). The two converge on similar findings.

2024 median down payments

All buyers: ~13% of purchase price
First-time buyers: ~8%
Repeat buyers: ~23%
Cash buyers: 100% (32% of all buyers in 2024)

The first-time-buyer dynamic

First-time buyers' lower down payments reflect their use of FHA loans (3.5% minimum down), VA loans (0% down), and Fannie Mae/Freddie Mac low-down-payment programs (3-5%). Roughly 75% of first-time buyers use government-insured or GSE-backed mortgage products.

The repeat-buyer dynamic

Repeat buyers' 23% median down payment reflects rolled-over equity from a previous home sale. With U.S. home prices having appreciated significantly since most owners' purchases, the typical repeat buyer can roll over $100K-$200K+ in equity into the new purchase.

The historical trend

Down payments were higher historically: the post-war norm was 25% down for conventional loans, with FHA loans at 5-10% as the entry-level alternative. The 1990s-2000s subprime expansion drove average down payments below 10%; the post-2008 reforms brought them back to roughly the 2024 levels.

Sources

U.S. Census Bureau Survey of Construction; National Association of Realtors Existing Home Sales report; Freddie Mac Primary Mortgage Market Survey; National Bureau of Economic Research Business Cycle Dating Committee.