- The typical homebuyer’s down payment dropped 1.5% year over year in December to $64,000 as elevated housing costs and increased negotiating power drove buyers to spend less upfront.
- In percentage terms, the typical homebuyer put down 15.2% of the purchase price, compared with 16.7% a year earlier.
The typical U.S. homebuyer’s down payment fell 1.5% year over year to $64,000 in December—the first decline in five months.
The data in this report is from a Redfin analysis of county records across 38 of the most populous U.S. metropolitan areas. December 2025 is the most recent month for which data is available. Down payment data is limited to home purchases for which buyers took out a mortgage.
The median home sale price rose slightly in December (0.5%) but down payments fell in dollar terms partly because the typical homebuyer put down a lower percentage of the purchase price than a year earlier.
In percentage terms, the typical homebuyer put down 15.2% of the purchase price, compared with 16.7% a year earlier.
“Down payments may be falling in part because Americans are seeking out more affordable homes due to high prices, elevated mortgage rates and economic uncertainty,” said Redfin Principal Economist Sheharyar Bokhari. “Sellers typically prefer buyers who make large down payments because it signals financial stability, but sellers don’t have much say in today’s market. Buyers hold the negotiating power because there are more homes for sale than people who want to buy them.”
It’s worth noting that while mortgage rates remain more than double the all-time low hit during the pandemic, they have come down in recent months. The average 30-year-fixed mortgage rate now sits at 6.09%, which is just shy of the lowest level since 2022. That has helped bring down monthly mortgage payments, which may bring more homebuyers off of the sidelines this year.
Metro-Level Highlights
The data below represents December 2025 and covers 38 of the most populous U.S. metros.
- The median down payment was highest in San Francisco ($400,310), San Jose, CA ($360,000) and Anaheim, CA ($270,800). It was lowest in Virginia Beach, VA ($8,700), Cleveland ($25,025) and Cincinnati ($25,143). Virginia Beach has the highest share of homebuyers taking out VA loans, which require little to no down payment.
- In Orlando, FL, the median down payment fell 23.9% year over year—the largest decline among the metros Redfin analyzed. Next came Cincinnati (-22.6%) and Atlanta (-18.9%). The biggest increases were in Cleveland (31.7%), Providence, RI (20.4%) and Baltimore (20%).
- The median down payment percentage was highest in San Francisco (25%), San Jose (23.9%) and Anaheim (21.4%). It was lowest in Virginia Beach (3%), Atlanta (8.4%) and Las Vegas (8.4%).
- The median down payment percentage fell most in Orlando (-6.3 ppts), Charlotte, NC (-4.4 ppts) and Anaheim (-3.6 ppts). It rose most in Chicago (4.9 ppts), Milwaukee (3.7 ppts) and Cleveland (3 ppts).
| U.S. metro area | Median down payment ($) | Year-over-year change in median down payment ($) | Median down payment (%) | Year-over-year change in median down payment (%) |
|---|---|---|---|---|
| Anaheim, CA | $270,800 | -5.0% | 21.4% | -3.6 ppts |
| Atlanta, GA | $30,600 | -18.9% | 8.4% | -1.6 ppts |
| Baltimore, MD | $36,000 | 20.0% | 10.0% | 0.9 ppts |
| Charlotte, NC | $44,000 | -12.0% | 10.0% | -4.4 ppts |
| Chicago, IL | $43,600 | 16.3% | 15.0% | 4.9 ppts |
| Cincinnati, OH | $25,143 | -22.6% | 10.0% | 0.0 ppts |
| Cleveland, OH | $25,025 | 31.7% | 11.9% | 3.0 ppts |
| Columbus, OH | $32,750 | -4.3% | 10.0% | 0.0 ppts |
| Denver, CO | $78,400 | -7.3% | 15.0% | 0.0 ppts |
| Fort Lauderdale, FL | $58,500 | -4.5% | 20.0% | 0.0 ppts |
| Jacksonville, FL | $33,140 | -4.6% | 10.0% | 0.0 ppts |
| Las Vegas, NV | $34,125 | -18.8% | 8.4% | -1.6 ppts |
| Los Angeles, CA | $166,000 | -8.1% | 20.0% | 0.0 ppts |
| Miami, FL | $81,400 | -7.2% | 20.0% | 0.0 ppts |
| Milwaukee, WI | $36,750 | 14.5% | 14.3% | 3.7 ppts |
| Minneapolis, MN | $41,963 | -0.1% | 10.0% | -1.4 ppts |
| Montgomery County, PA | $80,500 | -0.6% | 20.0% | 0.0 ppts |
| Nashville, TN | $46,250 | -7.7% | 10.0% | -0.7 ppts |
| New Brunswick, NJ | $113,875 | 9.3% | 20.0% | 0.0 ppts |
| New York, NY | $183,900 | 2.2% | 20.0% | 0.0 ppts |
| Newark, NJ | $105,000 | 16.7% | 20.0% | 0.0 ppts |
| Oakland, CA | $177,600 | -11.2% | 20.0% | 0.0 ppts |
| Orlando, FL | $45,000 | -23.9% | 12.3% | -6.3 ppts |
| Philadelphia, PA | $30,000 | 11.1% | 10.0% | 0.0 ppts |
| Phoenix, AZ | $50,350 | 0.7% | 10.2% | 0.2 ppts |
| Portland, OR | $79,375 | 5.8% | 17.2% | 2.2 ppts |
| Providence, RI | $65,000 | 20.4% | 12.8% | 0.8 ppts |
| Riverside, CA | $62,000 | -4.6% | 10.0% | -1.5 ppts |
| Sacramento, CA | $85,000 | -4.3% | 20.0% | 0.0 ppts |
| San Diego, CA | $153,126 | -9.9% | 20.0% | 0.0 ppts |
| San Francisco, CA | $400,310 | 4.7% | 25.0% | -2.0 ppts |
| San Jose, CA | $360,000 | -4.7% | 23.9% | -1.1 ppts |
| Seattle, WA | $146,000 | -9.1% | 20.0% | 0.0 ppts |
| Tampa, FL | $33,106 | -5.4% | 10.0% | 0.0 ppts |
| Virginia Beach, VA | $8,700 | -2.3% | 3.0% | 0.0 ppts |
| Warren, MI | $33,575 | 0.2% | 10.0% | -0.9 ppts |
| Washington, DC | $60,000 | 3.4% | 10.0% | 0.0 ppts |
| West Palm Beach, FL | $84,500 | 11.2% | 20.0% | 0.0 ppts |
