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What is the average down payment for a home in Florida?

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Where does Fla. rank in average downpayment amounts?

NEW YORK – Nov. 2, 2018 – The average downpayment for a home is decreasing, which could be good news for those looking to buy. Prospective buyers may need to save less money for a downpayment, according to a new study by LendingTree.

The average downpayment amount for U.S. homes dropped in the third quarter by nearly 10 percent, falling from $52,480 to $47,265, the study found. However, the overall average downpayment percentages for conventional 30-year, fixed-rate purchase mortgage offers stayed about the same – about 18.05 percent.

Florida ranked No. 13 for downpayments in LendingTree's study. They were about 0.24 percent higher in the third quarter. The average loan amount was $254,648, and the average downpayment was $48,875.

Lowest average U.S. downpayments (by percentage)

Alaska

  • Average downpayment percentage: 15.41%
  • Average offered downpayment: $36,476
  • Average offered loan amount: $236,643

West Virginia

  • Average downpayment percentage: 15.44%
  • Average offered downpayment: $21,415
  • Average offered loan amount: $138,696

Mississippi

  • Average downpayment percentage: 15.78%
  • Average offered downpayment: $22,964
  • Average offered loan amount: $145,523

Highest average downpayments (by percentage)

California

  • Average downpayment percentage: 21.44%
  • Average offered downpayment: $97,809
  • Average offered loan amount: $454,146

Hawaii

  • Average downpayment percentage: 21.32%
  • Average offered downpayment: $69,923
  • Average offered loan amount: $328,04

Delaware

  • Average downpayment percentage: 21.29%
  • Average offered downpayment: $51,678
  • Average offered loan amount: $242,735

Source: "LendingTree Ranks Down Payment Affordability by State," LendingTree (Oct. 22, 2018)

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Information provided by Florida Realtors.  Click here to see the original article.

Reprinted with permission Florida Realtors. All rights reserved. 

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