The credit tightening that came in the aftermath of the housing and financial crises of 2007 and 2008 meant higher down payments. As the U.S. economy has come inching back, more and more homebuyers have been able to meet the higher down requirements.
As a result, one indicator of where the economic rebound is strongest is revealed in a new report from RealtyTrac®, the nation’s leading source for comprehensive housing data. By comparing median sales prices and average down payments in U.S. counties with populations of more than 100,000, RealtyTrac determined which counties have the highest average down payments.
This report includes single-family homes, condos and townhouses purchased in 2014 with conventional and HFA loan amounts of $1,000 to $1 million.
The top county was New York, with an average down payment of 37 percent, followed by San Francisco, with 30 percent. Here are the report’s top 15 counties.
|County, State||Population||Total Loans in 2014||Median Home Prices (Dec. 2014)||Average Down Payment (Percent)||Average Down Payment (Amount)|
|New York, N.Y.||1,596,735||2,057||$935,000||37.18%||$347,614|
|San Francisco, Calif.||807,755||3,742||$1,018,000||30.01%||$305,467|
|San Mateo, Calif.||721,183||4,951||$825,000||28.46%||$234,779|
|Santa Clara, Calif.||1,788,393||12,551||$690,000||25.47%||$175,738|
|Santa Cruz, Calif.||262,340||1,511||$590,000||23.78%||$140,283|
|San Luis Obispo, Calif.||270,121||2,250||$430,000||23.28%||$100,101|
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