10 States With High Average Down Payments for First-Time Home Buyers

Moneywise ranked all 50 states based on the median price for houses in each respective state as provided by Zillow and the average down payment percentage of 13% according to the National Association of Realtors.

Rankings

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The resulting state rankings offer a comprehensive guide for those looking to take the first steps towards owning their own home.

The States Where First-time Home Buyers Require the Biggest Down Payment

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Here is the list.

1. Hawaii

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First-time home buyers in Hawaii face the highest hurdle, requiring an average down payment of $110,360.38 to secure a home. With a median home value of $848,926 in Hawaii, it's clear that the high cost of living in paradise comes with a hefty price tag for those looking to enter the housing market.

2. California

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California follows closely with an average down payment requirement of $98,904.00, California is home to one of the most desirable real estate markets in the world with its links to the opulent entertainment industry, the median home value is $760,800.

3. Washington

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While Washington takes third place with an average down payment of $77,445.16, the state's median home value of $595,732 presents a significant financial hurdle for first-time homebuyers. Despite the challenges, Washington's diverse geography and thriving urban centers make it a desirable place to live.

4. Colorado/5. Massachusetts

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Colorado and Massachusetts bottom out the top five worst states for first-time buyers, with average down payment requirements of $72,778.94 and $72,710.56, respectively. In Colorado, the median home value is $559,838, while in Massachusetts, the median home value is slightly lower at $559,312.

6. Utah

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Median home value: $544,868

Average down payment (13%): $70,832.84

7. Oregon

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Median home value: $502,215

Average down payment (13%): $65,287.95

8. Idaho

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Median home value: $466,435

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Average down payment (13%): $60,636.55

9. New Jersey

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Median home value: $441,762

Average down payment (13%): $57,429.06

10. Nevada

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Median home value: $434,832

Average down payment (13%): $56,528.16

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