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The Down Fee You’d Want To Comfortably Afford a House in These In style Cities


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bernardbodo / Getty Images/iStockphoto

With interest rates and home prices as high as they are, the average American is no longer able to comfortably afford a home with a 20% down payment, a recent Zillow study found.

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In order to make monthly mortgage costs affordable — meaning principal and interest, plus property taxes and insurance, take up no more than 30% of household income — a homebuyer making the median U.S. income would need to put down a 35.4% down payment, or roughly $127,750, to afford an average-priced home. In some U.S. cities, residents earning the median income need to put down even higher percentages to keep monthly mortgage costs manageable.

Here’s a look at the down payment median income earners would need to provide to comfortably afford monthly mortgage costs in several major U.S. cities.

FilippoBacci / Getty Images/iStockphotoFilippoBacci / Getty Images/iStockphoto

FilippoBacci / Getty Images/iStockphoto

New York

  • Typical home value: $657,279

  • Down payment needed ($): $494,795

  • Down payment needed (%): 75.3%

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frankpeters / Getty Images

Los Angeles

  • Typical home value: $962,388

  • Down payment needed ($): $780,203

  • Down payment needed (%): 81.1%

Learn More: Why Many Regret Moving to Texas Post-Pandemic

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©Shutterstock.com

Chicago

  • Typical home value: $321,897

  • Down payment needed ($): $95,953

  • Down payment needed (%): 29.8%

Sean Pavone / Shutterstock.comSean Pavone / Shutterstock.com

Sean Pavone / Shutterstock.com

Dallas

  • Typical home value: $381,104

  • Down payment needed ($): $152,586

  • Down payment needed (%): 40%

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Houston

  • Typical home value: $310,707

  • Down payment needed ($): $76,825

  • Down payment needed (%): 24.7%

SeanPavonePhoto / Getty Images/iStockphotoSeanPavonePhoto / Getty Images/iStockphoto

SeanPavonePhoto / Getty Images/iStockphoto

Washington

  • Typical home value: $568,862

  • Down payment needed ($): $188,087

  • Down payment needed (%): 33.1%

Discover More: In Less Than a Year, You Might Not Be Able To Afford To Live in These 6 US Housing Markets

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SeanPavonePhoto / Getty Images/iStockphoto

Philadelphia

  • Typical home value: $362,204

  • Down payment needed ($): $103,471

  • Down payment needed (%): 28.6%

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Miami

  • Typical home value: $490,088

  • Down payment needed ($): $316,270

  • Down payment needed (%): 64.5%

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Atlanta

  • Typical home value: $387,471

  • Down payment needed ($): $118,239

  • Down payment needed (%): 30.5%

DenisTangneyJr / Getty ImagesDenisTangneyJr / Getty Images

DenisTangneyJr / Getty Images

Boston

  • Typical home value: $701,349

  • Down payment needed ($): $432,875

  • Down payment needed (%): 61.7%

Explore More: Cheapest Places To Buy a Home in Every State

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Kruck20 / iStock.com

Phoenix

  • Typical home value: $461,352

  • Down payment needed ($): $186,012

  • Down payment needed (%): 40.3%

Nicolas McComber / Getty ImagesNicolas McComber / Getty Images

Nicolas McComber / Getty Images

San Francisco

  • Typical home value: $1,183,272

  • Down payment needed ($): $887,656

  • Down payment needed (%): 75%

Davel5957 / Getty Images/iStockphotoDavel5957 / Getty Images/iStockphoto

Davel5957 / Getty Images/iStockphoto

Riverside, California

  • Typical home value: $584,710

  • Down payment needed ($): $358,926

  • Down payment needed (%): 61.4%

Steven_Kriemadis / Getty Images/iStockphotoSteven_Kriemadis / Getty Images/iStockphoto

Steven_Kriemadis / Getty Images/iStockphoto

Detroit

  • Typical home value: $254,325

  • Down payment needed ($): $24,132

  • Down payment needed (%): 9.5%

Read Next: 3 Florida Cities Where You Can Buy Homes For $100,000 or Less

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Seattle

  • Typical home value: $753,414

  • Down payment needed ($): $462,095

  • Down payment needed (%): 61.3%

Rudy Balasko / ShutterstockRudy Balasko / Shutterstock

Rudy Balasko / Shutterstock

Minneapolis

  • Typical home value: $378,924

  • Down payment needed ($): $102,199

  • Down payment needed (%): 27%

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Art Wager / Getty Images

San Diego

  • Typical home value: $958,266

  • Down payment needed ($): $723,527

  • Down payment needed (%): 75.5%

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csfotoimages / Getty Images

Tampa, Florida

  • Typical home value: $382,802

  • Down payment needed ($): $181,195

  • Down payment needed (%): 47.3%

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welcomia / Shutterstock

Denver

  • Typical home value: $595,649

  • Down payment needed ($): $300,970

  • Down payment needed (%): 50.5%

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Baltimore

  • Typical home value: $387,914

  • Down payment needed ($): $100,641

  • Down payment needed (%): 25.9%

f11photo / Getty Images/iStockphotof11photo / Getty Images/iStockphoto

f11photo / Getty Images/iStockphoto

St. Louis

  • Typical home value: $253,559

  • Down payment needed ($): $10,773

  • Down payment needed (%): 4.2%

Kruck20 / iStock.comKruck20 / iStock.com

Kruck20 / iStock.com

Orlando, Florida

  • Typical home value: $398,881

  • Down payment needed ($): $192,533

  • Down payment needed (%): 48.3%

Check Out: 10 Housing Markets That Will Plummet in Value Before the End of 2024

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Charlotte, North Carolina

  • Typical home value: $386,371

  • Down payment needed ($): $149,041

  • Down payment needed (%): 38.6%

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©Shutterstock.com

San Antonio

  • Typical home value: $289,511

  • Down payment needed ($): $92,158

  • Down payment needed (%): 31.8%

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DaveAlan / Getty Images

Portland, Oregon

  • Typical home value: $556,385

  • Down payment needed ($): $296,427

  • Down payment needed (%): 53.3%

Davel5957 / Getty Images/iStockphotoDavel5957 / Getty Images/iStockphoto

Davel5957 / Getty Images/iStockphoto

Sacramento, California

  • Typical home value: $586,875

  • Down payment needed ($): $337,769

  • Down payment needed (%): 57.6%

Find Out: Barbara Corcoran: 3 Cities To Invest In Real Estate Now Before Prices Skyrocket

f11photo / Getty Images/iStockphotof11photo / Getty Images/iStockphoto

f11photo / Getty Images/iStockphoto

Pittsburgh

  • Typical home value: $217,285

  • Down payment needed ($): $0

  • Down payment needed (%): 0%

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Cincinnati

  • Typical home value: $287,721

  • Down payment needed ($): $59,573

  • Down payment needed (%): 20.7%

Davel5957 / Getty ImagesDavel5957 / Getty Images

Davel5957 / Getty Images

Austin, Texas

  • Typical home value: $466,628

  • Down payment needed ($): $209,333

  • Down payment needed (%): 44.9%

mvp64 / Getty Images/iStockphotomvp64 / Getty Images/iStockphoto

mvp64 / Getty Images/iStockphoto

Las Vegas

  • Typical home value: $427,509

  • Down payment needed ($): $198,306

  • Down payment needed (%): 46.4%

Learn More: I’m an Economist: Here’s My Prediction for the Housing Market If Trump Wins the Election

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TriggerPhoto / Getty Images/iStockphoto

Kansas City, Missouri

  • Typical home value: $307,032

  • Down payment needed ($): $76,273

  • Down payment needed (%): 24.8%

Long_Strange_Trip_01 / Getty Images/iStockphotoLong_Strange_Trip_01 / Getty Images/iStockphoto

Long_Strange_Trip_01 / Getty Images/iStockphoto

Columbus, Ohio

  • Typical home value: $315,438

  • Down payment needed ($): $84,215

  • Down payment needed (%): 26.7%

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Indianapolis

  • Typical home value: $282,396

  • Down payment needed ($): $27,570

  • Down payment needed (%): 9.8%

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Cleveland

  • Typical home value: $230,536

  • Down payment needed ($): $31,551

  • Down payment needed (%): 13.7%

Read Next: 8 Places Where Houses Are Suddenly Major Bargains

DenisTangneyJr / Getty ImagesDenisTangneyJr / Getty Images

DenisTangneyJr / Getty Images

San Jose, California

  • Typical home value: $1,631,252

  • Down payment needed ($): $1,320,275

  • Down payment needed (%): 80.9%

digidreamgrafix / Getty Images/iStockphotodigidreamgrafix / Getty Images/iStockphoto

digidreamgrafix / Getty Images/iStockphoto

Nashville, Tennessee

  • Typical home value: $446,180

  • Down payment needed ($): $203,325

  • Down payment needed (%): 45.6%

Sherry V Smith / Shutterstock.comSherry V Smith / Shutterstock.com

Sherry V Smith / Shutterstock.com

Virginia Beach, Virginia

  • Typical home value: $351,095

  • Down payment needed ($): $112,962

  • Down payment needed (%): 32.2%

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Providence, Rhode Island

  • Typical home value: $481,911

  • Down payment needed ($): $257,453

  • Down payment needed (%): 53.4%

Discover More: Why Many Regret Moving to Florida Post-Pandemic

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SeanPavonePhoto / Getty Images/iStockphoto

Jacksonville, Florida

  • Typical home value: $361,796

  • Down payment needed ($): $116,974

  • Down payment needed (%): 32.3%

Ron and Patty Thomas / Getty Images/iStockphotoRon and Patty Thomas / Getty Images/iStockphoto

Ron and Patty Thomas / Getty Images/iStockphoto

Milwaukee

  • Typical home value: $348,439

  • Down payment needed ($): $348,439

  • Down payment needed (%): 39.3%

Sean Pavone / Shutterstock.comSean Pavone / Shutterstock.com

Sean Pavone / Shutterstock.com

Oklahoma City

  • Typical home value: $235,815

  • Down payment needed ($): $31,331

  • Down payment needed (%): 13.3%

Sean Pavone / Getty Images/iStockphotoSean Pavone / Getty Images/iStockphoto

Sean Pavone / Getty Images/iStockphoto

Raleigh, North Carolina

  • Typical home value: $449,514

  • Down payment needed ($): $152,410

  • Down payment needed (%): 33.9%

Find Out: 5 Places in America To Retire That Are Just as Cheap as Mexico, Portugal and Costa Rica

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Kruck20 / Getty Images

Memphis, Tennessee

  • Typical home value: $242,519

  • Down payment needed ($): $30,852

  • Down payment needed (%): 12.7%

ferrantraite / Getty Imagesferrantraite / Getty Images

ferrantraite / Getty Images

Richmond, Virginia

  • Typical home value: $372,080

  • Down payment needed ($): $105,228

  • Down payment needed (%): 28.3%

hstiver / Getty Images/iStockphotohstiver / Getty Images/iStockphoto

hstiver / Getty Images/iStockphoto

Louisville, Kentucky

  • Typical home value: $258,557

  • Down payment needed ($): $46,869

  • Down payment needed (%): 18.1%

Larry Gibson / iStock.comLarry Gibson / iStock.com

Larry Gibson / iStock.com

New Orleans

  • Typical home value: $241,940

  • Down payment needed ($): $46,138

  • Down payment needed (%): 19.1%

Check Out: 3 Cities To Retire In That Are as Awesome as Honolulu and San Francisco but Way Cheaper

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f11photo / Getty Images/iStockphoto

Salt Lake City

  • Typical home value: $549,373

  • Down payment needed ($): $251,131

  • Down payment needed (%): 45.7%

SeanPavonePhoto / Getty Images/iStockphotoSeanPavonePhoto / Getty Images/iStockphoto

SeanPavonePhoto / Getty Images/iStockphoto

Hartford, Connecticut

  • Typical home value: $362,763

  • Down payment needed ($): $129,585

  • Down payment needed (%): 35.7%

Michael Warren / Getty ImagesMichael Warren / Getty Images

Michael Warren / Getty Images

Birmingham, Alabama

  • Typical home value: $255,033

  • Down payment needed ($): $19,406

  • Down payment needed (%): 7.6%

Data is sourced from Zillow and is accurate as of June 20, 2024.

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