The Down Cost You’d Want To Comfortably Afford a Dwelling in These Common Cities

With interest rates and home prices as high as they are, the average American is no longer able to comfortably afford a home with a 20% down payment, a recent Zillow study found.

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In order to make monthly mortgage costs affordable — meaning principal and interest, plus property taxes and insurance, take up no more than 30% of household income — a homebuyer making the median U.S. income would need to put down a 35.4% down payment, or roughly $127,750, to afford an average-priced home. In some U.S. cities, residents earning the median income need to put down even higher percentages to keep monthly mortgage costs manageable.

Here’s a look at the down payment median income earners would need to provide to comfortably afford monthly mortgage costs in several major U.S. cities.

New York

• Typical home value: $657,279

• Down payment needed ($): $494,795

• Down payment needed (%): 75.3%

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Los Angeles

• Typical home value: $962,388

• Down payment needed ($): $780,203

• Down payment needed (%): 81.1%

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Chicago

• Typical home value: $321,897

• Down payment needed ($): $95,953

• Down payment needed (%): 29.8%

Dallas

• Typical home value: $381,104

• Down payment needed ($): $152,586

• Down payment needed (%): 40%

Houston

• Typical home value: $310,707

• Down payment needed ($): $76,825

• Down payment needed (%): 24.7%

Washington

• Typical home value: $568,862

• Down payment needed ($): $188,087

• Down payment needed (%): 33.1%

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Philadelphia

• Typical home value: $362,204

• Down payment needed ($): $103,471

• Down payment needed (%): 28.6%

Miami

• Typical home value: $490,088

• Down payment needed ($): $316,270

• Down payment needed (%): 64.5%

Atlanta

• Typical home value: $387,471

• Down payment needed ($): $118,239

• Down payment needed (%): 30.5%

Boston

• Typical home value: $701,349

• Down payment needed ($): $432,875

• Down payment needed (%): 61.7%

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Phoenix

• Typical home value: $461,352

• Down payment needed ($): $186,012

• Down payment needed (%): 40.3%

San Francisco

• Typical home value: $1,183,272

• Down payment needed ($): $887,656

• Down payment needed (%): 75%

Story continues

Riverside, California

• Typical home value: $584,710

• Down payment needed ($): $358,926

• Down payment needed (%): 61.4%

Detroit

• Typical home value: $254,325

• Down payment needed ($): $24,132

• Down payment needed (%): 9.5%

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Seattle

• Typical home value: $753,414

• Down payment needed ($): $462,095

• Down payment needed (%): 61.3%

Minneapolis

• Typical home value: $378,924

• Down payment needed ($): $102,199

• Down payment needed (%): 27%

San Diego

• Typical home value: $958,266

• Down payment needed ($): $723,527

• Down payment needed (%): 75.5%

Tampa, Florida

• Typical home value: $382,802

• Down payment needed ($): $181,195

• Down payment needed (%): 47.3%

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Denver

• Typical home value: $595,649

• Down payment needed ($): $300,970

• Down payment needed (%): 50.5%

Baltimore

• Typical home value: $387,914

• Down payment needed ($): $100,641

• Down payment needed (%): 25.9%

St. Louis

• Typical home value: $253,559

• Down payment needed ($): $10,773

• Down payment needed (%): 4.2%

Orlando, Florida

• Typical home value: $398,881

• Down payment needed ($): $192,533

• Down payment needed (%): 48.3%

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Charlotte, North Carolina

• Typical home value: $386,371

• Down payment needed ($): $149,041

• Down payment needed (%): 38.6%

San Antonio

• Typical home value: $289,511

• Down payment needed ($): $92,158

• Down payment needed (%): 31.8%

Portland, Oregon

• Typical home value: $556,385

• Down payment needed ($): $296,427

• Down payment needed (%): 53.3%

Sacramento, California

• Typical home value: $586,875

• Down payment needed ($): $337,769

• Down payment needed (%): 57.6%

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Pittsburgh

• Typical home value: $217,285

• Down payment needed ($): $0

• Down payment needed (%): 0%

Cincinnati

• Typical home value: $287,721

• Down payment needed ($): $59,573

• Down payment needed (%): 20.7%

Austin, Texas

• Typical home value: $466,628

• Down payment needed ($): $209,333

• Down payment needed (%): 44.9%

Las Vegas

• Typical home value: $427,509

• Down payment needed ($): $198,306

• Down payment needed (%): 46.4%

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Kansas City, Missouri

• Typical home value: $307,032

• Down payment needed ($): $76,273

• Down payment needed (%): 24.8%

Columbus, Ohio

• Typical home value: $315,438

• Down payment needed ($): $84,215

• Down payment needed (%): 26.7%

Indianapolis

• Typical home value: $282,396

• Down payment needed ($): $27,570

• Down payment needed (%): 9.8%

Cleveland

• Typical home value: $230,536

• Down payment needed ($): $31,551

• Down payment needed (%): 13.7%

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San Jose, California

• Typical home value: $1,631,252

• Down payment needed ($): $1,320,275

• Down payment needed (%): 80.9%

Nashville, Tennessee

• Typical home value: $446,180

• Down payment needed ($): $203,325

• Down payment needed (%): 45.6%

Virginia Beach, Virginia

• Typical home value: $351,095

• Down payment needed ($): $112,962

• Down payment needed (%): 32.2%

Providence, Rhode Island

• Typical home value: $481,911

• Down payment needed ($): $257,453

• Down payment needed (%): 53.4%

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Jacksonville, Florida

• Typical home value: $361,796

• Down payment needed ($): $116,974

• Down payment needed (%): 32.3%

Milwaukee

• Typical home value: $348,439

• Down payment needed ($): $348,439

• Down payment needed (%): 39.3%

Oklahoma City

• Typical home value: $235,815

• Down payment needed ($): $31,331

• Down payment needed (%): 13.3%

Raleigh, North Carolina

• Typical home value: $449,514

• Down payment needed ($): $152,410

• Down payment needed (%): 33.9%

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Memphis, Tennessee

• Typical home value: $242,519

• Down payment needed ($): $30,852

• Down payment needed (%): 12.7%

Richmond, Virginia

• Typical home value: $372,080

• Down payment needed ($): $105,228

• Down payment needed (%): 28.3%

Louisville, Kentucky

• Typical home value: $258,557

• Down payment needed ($): $46,869

• Down payment needed (%): 18.1%

New Orleans

• Typical home value: $241,940

• Down payment needed ($): $46,138

• Down payment needed (%): 19.1%

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Salt Lake City

• Typical home value: $549,373

• Down payment needed ($): $251,131

• Down payment needed (%): 45.7%

Hartford, Connecticut

• Typical home value: $362,763

• Down payment needed ($): $129,585

• Down payment needed (%): 35.7%

Birmingham, Alabama

• Typical home value: $255,033

• Down payment needed ($): $19,406

• Down payment needed (%): 7.6%

Data is sourced from Zillow and is accurate as of June 20, 2024.

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This article originally appeared on GOBankingRates.com: The Down Payment You’d Need To Comfortably Afford a Home in These Popular Cities