This is the average down payment on a house in San Diego: study
SAN DIEGO — Despite a current downward trend in the housing market, homes in San Diego remain among the most expensive in the country.
In fact, the region is among U.S. metro areas with the highest average down payment for a house, according to a recent study.
Researchers with home improvement series “This Old House” determined the average down payment by state by taking median home sale values from November 2023 using data from Redfin for single-family homes, while assuming a 15% down payment for all home buyers.
These California cities are among richest in US: report
The researchers assumed an 8% down payment for first-time homebuyers and a 19% down payment for repeat homebuyers. Then, they used the same sources to determine average down payments for metropolitan areas, also assuming a 15% down payment.
Based on this analysis, the average San Diego median home value is $980,000 and its average down payment is $147,000. The study ranks the metro area as the third highest metro in the country, with down payments in San Francisco ranking as second highest and payments in San Jose at the very top.
Collectively as a state, the data shows the average down payment for first-time home buyers in California is $65,280, while repeat home buyers have an average $155,040 down payment.
Here’s a look at the top 10 U.S. metros with the highest average down payments, based on this study:
Overall Position (1 = Most Expensive) | Metro Area | Median Home Price | Average Down Payment |
|---|---|---|---|
1 | San Jose, CA | $1,620,000 | $243,000 |
2 | San Francisco, CA | $1,605,000 | $240,750 |
3 | San Diego, CA | $980,000 | $147,000 |
4 | Los Angeles, CA | $925,000 | $138,750 |
5 | Seattle, WA | $839,000 | $125,850 |
6 | New York, NY | $730,000 | $109,500 |
7 | Boston, MA | $702,000 | $105,300 |
8 | Denver, CO | $618,000 | $92,700 |
9 | Miami, FL | $604,000 | $90,600 |
10 | Washington, DC | $600,000 | $90,000 |
Places with the lowest cost of living in California: study
To help prospective homebuyers, the professionals at “This Old House” compiled the following recommendations that they said can help ease the process:
Develop a home savings budget.
Research state/local first-time buyer programs.
Create a separate account to deposit your down payment savings.
Explore state-based assistance programs.
Everything considered, some major cash is required to secure a home in this popular metro area.
For the latest news, weather, sports, and streaming video, head to FOX 5 San Diego & KUSI News.
