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HomeInvestmentsTo afford a monthly mortgage payment, middle-class Americans need to put more...

To afford a monthly mortgage payment, middle-class Americans need to put more than $127,000 down

To afford a monthly mortgage payment, middle-class Americans need to put more than 7,000 down

Forty-three percent of last year’s home buyers used a gift from family or friends to help with their down payment, the most since at least 2018

  • A median-income household would need to put 35.4% down to afford the payments on a typical U.S. home.
  • Five years ago, the typical U.S. home would have been affordable to a median-income household with no money down.
  • A typical home is affordable to a median-income household with 20% down or less in 10 of the 50 biggest U.S. markets.

SEATTLE, June 20, 2024 /PRNewswire/ — To comfortably afford a typical U.S. home, a home buyer making the median income needs to put down nearly $127,750, or 35.4%, a new Zillow® analysis shows. Five years ago, when mortgage rates were hovering just above 4% and the typical home was worth about 50% less, that home would have been affordable with no money down.

Originally published at https://www.prnewswire.com/news-releases/to-afford-a-monthly-mortgage-payment-middle-class-americans-need-to-put-more-than-127-000-down-302176421.html
Images courtesy of https://pixabay.com

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