Average down payment for a home

The down payment on a home is a percentage of the property's price paid for in cash upfront. Conventional loans require a minimum down payment of 3 percent, while FHA loans require 3.5 percent. VA loans and USDA loans don't require a down payment. In April 2023, 40% of respondents cited the inability to afford a down payment and closing costs as a hurdle to homeownership. Most states and municipalities offer down payment assistance to first-time and low-income homebuyers. 47% of homebuyers used personal savings for their down payment, according to the National Association of Realtors (NAR