How Much Is the Down Payment Cost in 34 Different Metro Areas in the USA
The down payment on a home is a lot of money. And it can be even larger, depending on where you live. Forbes lists the average cost of a 20% down payment in 34 major metro areas.
Using Zillow data, Forbes found the average prices for all homes in different metropolitan areas. Then, based on a standard 20% down payment, they list how much you can expect to invest in those areas. Forbes reported that the average 20% down payment in the US would be $ 36,500.
Here are a few numbers on their list:
- San Jose, California (most expensive): $ 182,200
- Los Angeles, California: $ 109,580
- Portland, Oregon: $ 60,180
- New York – Northern New Jersey: $ 75,800
- Las Vegas, NV: $ 38,920
Forbes notes that obviously the numbers will vary depending on where you are on the metro and how many houses you want to buy. But it does give you a rough estimate of what you can expect to save, assuming 20% in these areas. Check out the full post for other cities.
How Much Do You Need to Save for a Down Payment in America’s Major Cities | Forbes