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
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
Here is the list.
1. Hawaii
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
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
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
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
Median home value: $544,868
Average down payment (13%): $70,832.84
7. Oregon
Median home value: $502,215
Average down payment (13%): $65,287.95
8. Idaho
Median home value: $466,435
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Average down payment (13%): $60,636.55
9. New Jersey
Median home value: $441,762
Average down payment (13%): $57,429.06
10. Nevada
Median home value: $434,832
Average down payment (13%): $56,528.16
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