The typical first-time home buyer made a down payment of 8% and relied on their savings to do so.
Why has the typical down payment for first-time buyers reached an over two-decade high when the housing market is so expensive?
In part, it's because wealthier first-time buyers — who can more easily afford a higher down payment — have been particularly active in the housing market.
In 2023, the typical first-time homebuyer had a household income of $96,000, up from $71,000 in 2022.
Last year, the share of first-time homebuyers reached 26% , the lowest level since the survey began in 1981.
Persons:
—, homebuyer, Jessica Lautz, it's, homebuyers
Organizations:
Service, National Association of, NAR