The Northeast led the nation last year with the greatest increases in median down payments while Southern and Western states recorded the most significant declines.
According to new data from Realtor.com, Delaware led the nation in 2024 with a 38.6% rise in median down payments, reaching $49,000, followed by Rhode Island (+32.8%) and Maine (+32.0%).
At the other end of the spectrum, only eight of the 50 states saw down payments fall in 2024, most notably Texas (-16.5% to $15,350) and Florida (-14.1% to $27,566). States that experienced a housing boom recorded a similar softening – Montana (-8.1%), Wyoming (-3.4%), Tennessee (-2.0%), and North Carolina (-0.2%).
Among the major metro areas, San Diego metro saw the biggest increase in down payments (+21.2% to $150,407) while almost all the markets where down payments have fallen the most are in Florida or Texas.
“Today’s high-rate environment is reshaping the homebuying landscape,” said Hannah Jones, senior economic research analyst at Realtor.com. “Higher borrowing costs and affordability pressures have led to a market where financially prepared buyers are putting more money down, especially in competitive regions with limited inventory.”
