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Clarification:
It's about median down payment on a single-family home.
This means actual house square footage will vary within and across the states, affecting the median prices and down payments in this data.
I'm not sure I understand what this picture is portraying.
Are we expected to conclude that because Florida has the highest median downpayment for the purchase of a house, the median price of a house in Florida is higher than those states which have a lower median downpayment?
Does this incorporate home purchases where the buyer paid cash so that the "downpayment" is the purchase price or only those purchases where the buyer obtained a mortgage?
Is this based on actual home purchase closings or based on home listings?
Does this incorporate all home purchases including FHA, VA, non-conforming?
Houses in America Now Cost Six Times the Median Income
As of 2023, an American household hoping to buy a median-priced home, needs to make at least $100,000 a year. In some cities, they need to make nearly 3–4x that amount.
Clarification:
It's about median down payment on a single-family home.
This means actual house square footage will vary within and across the states, affecting the median prices and down payments in this data.
I'm not sure I understand what this picture is portraying.
Are we expected to conclude that because Florida has the highest median downpayment for the purchase of a house, the median price of a house in Florida is higher than those states which have a lower median downpayment?
Does this incorporate home purchases where the buyer paid cash so that the "downpayment" is the purchase price or only those purchases where the buyer obtained a mortgage?
Is this based on actual home purchase closings or based on home listings?
Does this incorporate all home purchases including FHA, VA, non-conforming?
I agree. It does not make much sense. How is bankrate getting this info in this blog?
Well, yes, the median down-payment varies from state-to-state. And the cost of a home varies from neighborhood to neighborhood within each state. So even states with "high" median down-payments will have half the homes below that point. This result ( median down payment ) really doesn't say much of anything about affordability.
And for those who think times are tough ( and interest rates are high ) my first two mortagess were 12% and 11.5% respectively.
So if the house you want is not affordable, buy something smaller and cheaper. Build equity and pay off the high-interest-rate mortgage early. Then wait until the interest rates are low again before "moving up" ...
The real question is, do we really need that big fancy expensive house? Why not just live within our means and be happy.
I have had several big fancy expensive homes. And now I don't. And I am now just as happy, if not more so.
I agree. It does not make much sense. How is bankrate getting this info in this blog?
Apparently (according to the info posted on that link), creator Julie Peasley maps the median down payment on a single-family home by U.S. state, using data from Realtor.com, accessed through Bankrate, a publisher and rate comparison service focused on the banking industry.
So if the house you want is not affordable, buy something smaller and cheaper. Build equity and pay off the high-interest-rate mortgage early. Then wait until the interest rates are low again before "moving up" ...
The real question is, do we really need that big fancy expensive house? Why not just live within our means and be happy.
I have had several big fancy expensive homes. And now I don't. And I am now just as happy, if not more so.
Very true, but people got used to large homes (with a lot of space simply wasted) and some think that their right to have a big house is somewhere written in a Constitution.
To many, it seems to be very hard to think about downsizing. (house or car)
Even when financially and practically, it's
the only option that makes sense.
I read that the American obsession with large houses is a matter of culture, policy, and economics and restricts smaller, more affordable options.
It's the the desire and expectation for vast personal space.
However, that expectation isn't cheap anymore and while there is actually market for smaller houses, very few builders see that.
I thought the whole point of life was to get rich and buy a big house.
Was there something else?
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