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Mortgage

RealtyTrac: What was the average downpayment in 2014?

Most expensive markets saw the most put down up front

A new report from RealtyTrac shows that on average, across 368 counties surveyed, buyers who purchased a home in 2014 put 14% down, translating into an average $32,141.

The average down payment in the 25 highest-priced counties was 24% ($138,547), twice the average down payment in the 25 lowest-priced counties of 12% ($8,239).

Among the 25 counties with the biggest increase in millennials following the Great Recession, the average down payment was 17%, translating into an average $66,174.

The report comes with a handy heat map of counties with the most 97% LTV loans, which can be viewed here.

Overall, they found that in the 25 counties with the highest median home sales prices at the end of 2014, the average down payment percentage was 24% for homes purchased in 2014. The average down payment in dollars in these 25 counties was $138,547. On average, low down payment loans accounted for 7% of all home purchases in these counties in 2014.

Click to enlarge

(Source: RealtyTrac)

In the 25 counties with the lowest median home sales prices at the end of 2014, the average down payment percentage was 12% for homes purchased in 2014. The average down payment in dollars in these 25 counties was $8,239. On average, low down payment loans accounted for 25% of all home purchases in these counties in 2014.

Click to enlarge

(Source: RealtyTrac)

In the 25 counties with the biggest increase in the millennial population between 2007 and 2013, the average down payment percentage was 17% for homes purchased in 2014 (above the national average of 14%). The average down payment in dollars in these 25 counties was $66,174 — more than twice the national average of $31,723. The average down payment percentage in these 25 counties was 17% (above the national average of 14%), and on average low down payment loans accounted for 15% of all home purchases in 2014 (compared to 18% on average among all counties analyzed). 

Click to enlarge

(Source: RealtyTrac) 

The full report can be read here.

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