An average down payment on a home costs at least $28,000 in each of the nation’s 50 largest metros. The average down payment across the 50 metros is $46,283, with the highest average down payment in San Jose, Calif., and the lowest in Oklahoma City, according to a new study from LendingTree. 

To gather the data, LendingTree researchers analyzed data for the nation’s 50 largest metropolitan statistical areas (MSAs) to determine the average down payment in each metro. Down payment data is derived from mortgages offered to more than 760,000 LendingTree users from Jan. 1, 2021, to Aug. 25, 2021.

While there are signs that the housing market is beginning to cool somewhat, home prices are still significantly higher in many parts of the U.S. than they were before the coronavirus pandemic, the researchers concluded. One of the side effects of these higher home prices is higher down payments.

In the two metros where down payments are highest — San Jose and San Francisco — the average down payment is more than $100,000. The average down payment in San Jose is $115,138, or 88% of the median annual household income in the area. In San Francisco, the median down payment on a home is $103,016, or 90% of the area’s median annual household income.

The Oklahoma City, New Orleans and St. Louis metros have the lowest down payments, with averages of $28,267, $29,371 and $29,958, respectively. Though these figures may seem affordable compared to places like San Jose, coming up with nearly $30,000 in cash for a down payment will likely be difficult for many homebuyers.

Across the nation’s 50 largest metros, the average down payment on a home is about 62% of a given area’s median yearly household income.

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