Most Americans who plan to buy a home next year can't afford a down payment, according to Zillow.
There aren't enough homes on the market for everyone who wants to buy one, Zillow said.
AdvertisementAdvertisement"There are about 54 million Americans who said they intend to buy a home — that represents 34 million unique households," Garcia said.
Down payment requirements can range from 0% to more than 20%, Insider previously reported, and in America's 20 biggest cities, a 20% down payment ranges from $39,859 in Oklahoma City to $260,849 in San Jose, California.
During 2023, the majority of people who successfully got a mortgage put down 20% of the cost of the home, according to Zillow.
Persons:
Zillow, Manny Garcia, Zillow's, Garcia
Organizations:
Service, Zillow
Locations:
Wall, Silicon, Oklahoma City, San Jose , California