Good news for those looking to buy a home as down payments decline throughout the country.
The average New Yorker, however, still has to scrape together more than $90,000 to get their name on a deed.
LendingTree, an online loan marketplace, put out a report showing average cash payments and home loan values fall nationwide. According to the study based on 30-year fixed-rate mortgages, the average down payment across the country dropped 10 percent to $47,000 in the third quarter compared to the previous quarter’s $52,480.
The country’s average loan amount offered to potential homebuyers also decreased by $28,000, from Q2’s $285,000 to this quarter’s $257,000.
“This is good news if you are looking to buy as it means that you will need to save less money for a down payment,” Tendayi Kapfidze, Lending Tree’s chief economist, said. “If high down payments have deterred you from buying a home in the past, now might be a good time to reconsider your options.”
But, even though home buying prices have taken a dip, New York State still sees some of the highest average down payments and overall property values throughout the country. The average home buyer paid $90,318 up front.
The Empire State saw a 0.3 percent decrease in up-front cash, dropping to an average down payment percentage of 19.85 percent. This is the fifth-highest average down payment in America, behind Colorado, Delaware, Hawaii and California.
New York also ranks third for the average mortgage value at $454,000, behind Washington D.C. and California.