Residential down payments in region lower than U.S. average

by Paul Gatling (pgatling@nwabj.com) 111 views 

The average homebuyer in Northwest Arkansas put down 5.5% on a home purchased in the fourth quarter of 2017, according to a recent report by California-based Attom Data Solutions. That’s an increase from 4.8% in the year-ago period.

The report indicated the median down payment on a residence in Northwest Arkansas during the quarter was $9,675 on a $175,000 home. That compares to $8,200 on a $170,000 home in the fourth quarter of 2016.

The U.S. average for a down payment was 7.1%, according to Attom, or $18,000. That’s up from $14,950 in the year-ago period. The median down payment nationally in the last three months of 2017 was $18,000 on a $255,000 home.

Typical buyers in central Arkansas put down 2.7% on a home purchase in the fourth quarter, the report said, essentially unchanged from the year-ago period. The median down payment for a home in the region was $4,200 on a $155,000 home. That compares to $4,474 on a $158,000 home in the fourth quarter of 2016.

The six most-expensive markets for median down payments in the quarter were all in California. Homebuyers in San Jose put down $268,000 for homes with a median sales price of $1.05 million (25.5%), while consumers in San Francisco put down $174,500 on a $788,500 residence (22.1%).

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