If you’ve been following the housing market this year, you’ve probably noticed the word “affordability” coming up a lot. One of the biggest pieces of that puzzle is the down payment. How much you put down matters, and the numbers are shifting.
Here’s what I’m seeing and what I think buyers should keep in mind this spring.
Down payments are Increasing… But not evenly
Nationally, the typical down payment has risen to about 15% of the home’s purchase price. For the average U.S. buyer right now, that’s just over $54,000. In high-demand markets, it’s often much more.
In some parts of Florida and along the coasts, I’ve seen buyers putting down anywhere from 20% to 30%, not because they have to, but because it strengthens their offer in a competitive environment.
First-time buyers are still getting in
There’s a misconception that you need 20% down to buy a home. That’s not true. First-time buyers are often putting down closer to 6%, depending on their financing. There are loan programs designed to help qualified buyers get into a home without a massive upfront cost. If you’re entering the market for the first time, it’s important to know your options.
Luxury market expectations are different
In the luxury space, buyers are usually more financially flexible. Even so, most are strategic with how they use their cash. Some pay with cash outright. Others put down 25% to avoid jumbo loan penalties or to create a more attractive financing profile.
I always tell clients to talk with both their lender and financial advisor to find the right balance.
What matters most: Being prepared
The smartest buyers I work with are the ones who come in ready, not just financially, but mentally. They know what they’re comfortable spending, they’ve had the right conversations with their lender, and they understand what a strong offer looks like in today’s market. A thoughtful down payment strategy is part of that.
My advice for buyers this season
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Don’t assume you need a huge down payment to get started.
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Talk with a mortgage expert early, not just when you’re ready to write an offer.
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If you’re shopping in a competitive price range, a higher down payment can help—but it isn’t everything.
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Every buyer’s situation is different. Focus on what makes the most sense for you, not just what the headlines are saying.
The down payment is just one part of the bigger picture, but it’s a critical one. If you’re thinking about buying and have questions about how much to put down or how to structure a winning offer, I’m always here to help.
Kelli Eggen
