TheMReport — News and strategies for the evolving mortgage marketplace.
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TH E M R EP O RT | 59 AROUND THE U.S. ANALYTICS New York 19.74 $78,979 California 19.56 $84,728 Hawaii 19.44 $58,404 New Jersey 19.29 $64,579 District of Columbia 18.50 $98,440 Massachusetts 18.04 $58,739 Connecticut 17.91 $53,227 Rhode Island 16.84 $36,116 Washington 16.82 $60,375 Nevada 16.82 $48,625 Florida 16.80 $45,686 Idaho 16.69 $33,713 Illinois 16.58 $44,147 Texas 16.54 $47,438 Delaware 16.50 $35,501 Virginia 16.46 $61,007 Colorado 16.38 $52,910 Arizona 16.18 $46,177 Nebraska 16.13 $34,766 Oregon 16.12 $49,031 Michigan 16.11 $36,905 Arkansas 16.09 $38,894 Maryland 16.05 $48,091 Vermont 15.96 $34,195 South Dakota 15.96 $26,585 Utah 15.89 $44,061 Pennsylvania 15.72 $41,916 Georgia 15.67 $44,122 Maine 15.63 $30,412 North Carolina 15.56 $39,960 Wyoming 15.54 $37,947 Montana 15.44 $29,883 Oklahoma 15.36 $29,260 New Hampshire 15.29 $36,006 South Carolina 15.20 $33,923 Louisiana 15.15 $35,215 Wisconsin 15.08 $30,081 Minnesota 15.02 $43,053 Kansas 14.96 $43,526 Iowa 14.86 $39,710 New Mexico 14.74 $28,274 Ohio 14.71 $33,452 Indiana 14.64 $29,672 Tennessee 14.58 $34,956 West Virginia 14.49 $25,789 Arkansas 14.43 $25,649 Missouri 14.31 $31,335 Kentucky 14.25 $35,087 Alabama 14.13 $31,620 North Dakota 13.50 $32,631 Mississippi 13.01 $24,263 Source: LendingTree's Down Payment Report Down Payment Percentage State Down Payment Average Tracking Down- Payment Trends C oming up with a 20 percent down payment for a home just got a bit easier as the amount needed to put down for a house decreased from last quarter. According to a Q1 2016 report by LendingTree, an online loan marketplace, down payment percentages for conventional 30-year fixed rate purchase mortgages dropped in the first quarter to an average of 16.64 percent, down from 17.46 percent in the prior quarter and 16.98 percent from the same period last year. The average down payment amount also fell quarter-over-quarter from $51,721 to an average $49,839, but increased year-over-year from $44,007. "Despite seasonality, home sales improved year-over-year and while low inventories fueled price growth in many markets," said Doug Lebda, Founder and CEO of LendingTree. "According to the National Association of Realtors, pending home sales re - bounded in February, and existing home sales surged in March. This momentum suggests a strong spring home-buying season given low mortgage rates, improved housing inventory levels and growing consumer confidence."