Advertisement
Canada markets closed
  • S&P/TSX

    21,639.10
    -59.01 (-0.27%)
     
  • S&P 500

    5,431.60
    -2.14 (-0.04%)
     
  • DOW

    38,589.16
    -57.94 (-0.15%)
     
  • CAD/USD

    0.7281
    +0.0001 (+0.02%)
     
  • CRUDE OIL

    78.49
    -0.13 (-0.17%)
     
  • Bitcoin CAD

    91,056.49
    +1,052.40 (+1.17%)
     
  • CMC Crypto 200

    1,404.26
    -13.61 (-0.96%)
     
  • GOLD FUTURES

    2,348.40
    +30.40 (+1.31%)
     
  • RUSSELL 2000

    2,006.16
    -32.75 (-1.61%)
     
  • 10-Yr Bond

    4.2130
    -0.0250 (-0.59%)
     
  • NASDAQ

    17,688.88
    +21.32 (+0.12%)
     
  • VOLATILITY

    12.66
    +0.72 (+6.03%)
     
  • FTSE

    8,146.86
    -16.81 (-0.21%)
     
  • NIKKEI 225

    38,814.56
    +94.09 (+0.24%)
     
  • CAD/EUR

    0.6798
    +0.0024 (+0.35%)
     

Here’s How Much You Need for a 15% Down Payment on a House in 50 Cities

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

Do you know how much money you’d need to cover a 15% down payment for buying a home in major cities like St. Louis, Detroit, Topeka or Des Moines?

Learn More: 7 Locations Where Housing Prices Are Plummeting Post-Pandemic

Read Next: Become a Real Estate Investor For Just $1K Using This Bezos-Backed Startup

To find out how much money is needed for a 15% down payment in these four cities and more U.S. metros, GOBankingRates looked at the 500 largest cities in terms of total households. These households were then isolated and each city’s median household income, 2024 typical home value and optical savings amount was factored in.

ADVERTISEMENT

Ranked from highest to lowest average 2024 home value amounts, here’s how much a 15% down payment costs on a home in these 50 cities.

Darren56brown / Wikimedia Commons
Darren56brown / Wikimedia Commons

50. Warren, Michigan

  • Average 2024 home value: $200,716

  • Median household income: $61,633

  • Yearly optimum savings: $12,327

  • 15% down payment for a house: $30,107

Discover More: Housing Market 2024: 5 Florida Cities That Are Suddenly Affordable

Be Aware: Don’t Buy a House in These 5 US Cities That Have Shrinking Populations and Fewer Buyers

TrongNguyen / Getty Images/iStockphoto
TrongNguyen / Getty Images/iStockphoto

49. Waco, Texas

  • Average 2024 home value: $200,095

  • Median household income: $47,421

  • Yearly optimum savings: $9,484

  • 15% down payment for a house: $30,014

Read Next: 5 Types of Homes That Will Plummet in Value in 2024

halbergman / Getty Images/iStockphoto
halbergman / Getty Images/iStockphoto

48. Amarillo, Texas

  • Average 2024 home value: $200,074

  • Median household income: $60,628

  • Yearly optimum savings: $12,126

  • 15% down payment for a house: $30,011

Bill Golladay / Wikimedia Commons
Bill Golladay / Wikimedia Commons

47. Warner Robins, Georgia

  • Average 2024 home value: $199,944

  • Median household income: $63,678

  • Yearly optimum savings: $12,736

  • 15% down payment for a house: $29,992

©Shutterstock.com
©Shutterstock.com

46. Independence, Missouri

  • Average 2024 home value: $198,034

  • Median household income: $57,415

  • Yearly optimum savings: $11,483

  • 15% down payment for a house: $9,705

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

45. Abilene, Texas

  • Average 2024 home value: $197,327

  • Median household income: $59,254

  • Yearly optimum savings: $11,851

  • 15% down payment for a house: $29,599

Check Out: Is Barbara Corcoran Right About the Housing Market?

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

44. Wichita, Kansas

  • Average 2024 home value: $194,308

  • Median household income: $60,712

  • Yearly optimum savings: $12,142

  • 15% down payment for a house: $29,146

halbergman / Getty Images/iStockphoto
halbergman / Getty Images/iStockphoto

43. Lake Charles, Louisiana

  • Average 2024 home value: $191,074

  • Median household income: $54,761

  • Yearly optimum savings: $10,952

  • 15% down payment for a house: $28,661

ChrisBoswell / Getty Images/iStockphoto
ChrisBoswell / Getty Images/iStockphoto

42. Parma, Ohio

  • Average 2024 home value: $190,211

  • Median household income: $65,848

  • Yearly optimum savings: $13,170

  • 15% down payment for a house: $28,532

JTSorrell / Getty Images
JTSorrell / Getty Images

41. Mobile, Alabama

  • Average 2024 home value: $190,192

  • Median household income: $48,524

  • Yearly optimum savings: $9,705

  • 15% down payment for a house: $28,529

Read More: 9 Major US Cities Where Buying a Home Is Surprisingly Cheap

TriggerPhoto / Getty Images/iStockphoto
TriggerPhoto / Getty Images/iStockphoto

40. Kansas City, Kansas

  • Average 2024 home value: $187,318

  • Median household income: $56,120

  • Yearly optimum savings: $11,224

  • 15% down payment for a house: $28,098

DenisTangneyJr / iStock.com
DenisTangneyJr / iStock.com

39. Evansville, Indiana

  • Average 2024 home value: $187,096

  • Median household income: $49,853

  • Yearly optimum savings: $9,971

  • 15% down payment for a house: $28,064

DenisTangneyJr / iStock.com
DenisTangneyJr / iStock.com

38. Sioux City, Iowa

  • Average 2024 home value: $186,980

  • Median household income: $64,250

  • Yearly optimum savings: $12,850

  • 15% down payment for a house: $28,047

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

37. Brownsville, Texas

  • Average 2024 home value: $185,835

  • Median household income: $46,735

  • Yearly optimum savings: $9,347

  • 15% down payment for a house: $27,875

Explore More: 9 Major US Cities Where Buying a Home Is Surprisingly Cheap

Kruck20 / Getty Images/iStockphoto
Kruck20 / Getty Images/iStockphoto

36. Baltimore

  • Average 2024 home value: $184,717

  • Median household income: $58,349

  • Yearly optimum savings: $11,670

  • 15% down payment for a house: $27,708

DenisTangneyJr / iStock.com
DenisTangneyJr / iStock.com

35. Racine, Wisconsin

  • Average 2024 home value: $181,350

  • Median household income: $52,766

  • Yearly optimum savings: $10,553

  • 15% down payment for a house: $27,203

digidreamgrafix / Getty Images/iStockphoto
digidreamgrafix / Getty Images/iStockphoto

34. Topeka, Kansas

  • Average 2024 home value: $180,755

  • Median household income: $54,052

  • Yearly optimum savings: $10,810

  • 15% down payment for a house: $27,113

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

33. Syracuse, New York

  • Average 2024 home value: $180,591

  • Median household income: $43,584

  • Yearly optimum savings: $8,717

  • 15% down payment for a house: $27,089

Learn More: Here’s When To Buy a New House, According to Kevin O’Leary

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

32. Davenport, Iowa

  • Average 2024 home value: $175,901

  • Median household income: $59,890

  • Yearly optimum savings: $11,978

  • 15% down payment for a house: $26,385

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

31. Fort Smith, Arkansas

  • Average 2024 home value: $175,283

  • Median household income: $50,799

  • Yearly optimum savings: $10,160

  • 15% down payment for a house: $26,292

Sean Pavone / iStock.com
Sean Pavone / iStock.com

30. Augusta, Georgia

  • Average 2024 home value: $174,267

  • Median household income: $50,492

  • Yearly optimum savings: $10,098

  • 15% down payment for a house: $26,140

f11photo / Getty Images/iStockphoto
f11photo / Getty Images/iStockphoto

29. St. Louis

  • Average 2024 home value: $173,867

  • Median household income: $52,941

  • Yearly optimum savings: $10,588

  • 15% down payment for a house: $26,080

Find Out: Here’s the Salary a Single Person Needs To Live Comfortably in Hawaii

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

28. South Bend, Indiana

  • Average 2024 home value: $173,682

  • Median household income: $49,056

  • Yearly optimum savings: $9,811

  • 15% down payment for a house: $26,052

drnadig / Getty Images/iStockphoto
drnadig / Getty Images/iStockphoto

27. Erie, Pennsylvania

  • Average 2024 home value: $172,918

  • Median household income: $43,135

  • Yearly optimum savings: $8,627

  • 15% down payment for a house: $25,938

Alex Potemkin / Getty Images/iStockphoto
Alex Potemkin / Getty Images/iStockphoto

26. Scranton, Pennsylvania

  • Average 2024 home value: $172,180

  • Median household income: $48,776

  • Yearly optimum savings: $9,755

  • 15% down payment for a house: $25,827

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

25. Wichita Falls, Texas

  • Average 2024 home value: $166,925

  • Median household income: $55,584

  • Yearly optimum savings: $11,117

  • 15% down payment for a house: $25,039

Discover More: 5 Cheapest and Safest Places To Live in Wyoming

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

24. Hammond, Indiana

  • Average 2024 home value: $166,658

  • Median household income: $52,368

  • Yearly optimum savings: $10,474

  • 15% down payment for a house: $24,999

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

23. Macon, Georgia

  • Average 2024 home value: $164,854

  • Median household income: $48,897

  • Yearly optimum savings: $9,779

  • 15% down payment for a house: $24,728

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

22. Columbus, Georgia

  • Average 2024 home value: $160,730

  • Median household income: $54,561

  • Yearly optimum savings: $10,912

  • 15% down payment for a house: $24,110

plherrera / Getty Images
plherrera / Getty Images

21. North Little Rock, Arkansas

  • Average 2024 home value: $155,487

  • Median household income: $49,166

  • Yearly optimum savings: $9,833

  • 15% down payment for a house: $23,323

Explore More: I’m a Real Estate Agent: 5 Places I’d Buy a Vacation Home If I Had $500,000

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

20. Springfield, Illinois

  • Average 2024 home value: $154,989

  • Median household income: $62,419

  • Yearly optimum savings: $12,484

  • 15% down payment for a house: $23,248

©Shutterstock.com
©Shutterstock.com

19. Canton, Ohio

  • Average 2024 home value: $153,410

  • Median household income: $37,627

  • Yearly optimum savings: $7,525

  • 15% down payment for a house: $23,012

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

18. Beaumont, Texas

  • Average 2024 home value: $152,543

  • Median household income: $53,745

  • Yearly optimum savings: $10,749

  • 15% down payment for a house: $22,881

benkrut / Getty Images/iStockphoto
benkrut / Getty Images/iStockphoto

17. Rockford, Illinois

  • Average 2024 home value: $149,331

  • Median household income: $50,744

  • Yearly optimum savings: $10,149

  • 15% down payment for a house: $22,400

Find Out: Dave Ramsey: Why You Shouldn’t Pay Off Your Mortgage Early Even If You Can

Steven_Kriemadis / Getty Images/iStockphoto
Steven_Kriemadis / Getty Images/iStockphoto

16. Lansing, Michigan

  • Average 2024 home value: $148,154

  • Median household income: $50,747

  • Yearly optimum savings: $10,149

  • 15% down payment for a house: $22,223

Sean Pavone / iStock.com
Sean Pavone / iStock.com

15. Memphis, Tennessee

  • Average 2024 home value: $147,980

  • Median household income: $48,090

  • Yearly optimum savings: $9,618

  • 15% down payment for a house: $22,197

Amdizdarevic / Shutterstock.com
Amdizdarevic / Shutterstock.com

14. Waterloo, Iowa

  • Average 2024 home value: $144,528

  • Median household income: $54,104

  • Yearly optimum savings: $10,821

  • 15% down payment for a house: $21,679

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

13. Montgomery, Alabama

  • Average 2024 home value: $142,342

  • Median household income: $54,166

  • Yearly optimum savings: $10,833

  • 15% down payment for a house: $21,351

Read More: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security

©Shutterstock.com
©Shutterstock.com

12. Dayton, Ohio

  • Average 2024 home value: $141,808

  • Median household income: $41,443

  • Yearly optimum savings: $8,289

  • 15% down payment for a house: $21,271

SeanPavonePhoto / Getty Images
SeanPavonePhoto / Getty Images

11. Shreveport, Louisiana

  • Average 2024 home value: $133,804

  • Median household income: $45,967

  • Yearly optimum savings: $9,193

  • 15% down payment for a house: $20,071

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

10. Lawton, Oklahoma

  • Average 2024 home value: $129,804

  • Median household income: $51,561

  • Yearly optimum savings: $10,312

  • 15% down payment for a house: $19,471

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

9. Akron, Ohio

  • Average 2024 home value: $127,143

  • Median household income: $46,596

  • Yearly optimum savings: $9,319

  • 15% down payment for a house: $19,071

Check Out: ‘Rich Dad’ Robert Kiyosaki: Use This Two-Step Formula for Real Estate Investing

Michael Warren / Getty Images
Michael Warren / Getty Images

8. Birmingham, Alabama

  • Average 2024 home value: $125,476

  • Median household income: $42,464

  • Yearly optimum savings: $8,493

  • 15% down payment for a house: $18,821

©Shutterstock.com
©Shutterstock.com

7. Peoria, Illinois

  • Average 2024 home value: $120,442

  • Median household income: $58,068

  • Yearly optimum savings: $11,614

  • 15% down payment for a house: $18,066

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

6. Toledo, Ohio

  • Average 2024 home value: $117,625

  • Median household income: $45,405

  • Yearly optimum savings: $9,081

  • 15% down payment for a house: $17,644

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

5. Cleveland

  • Average 2024 home value: $105,519

  • Median household income: $37,271

  • Yearly optimum savings: $7,454

  • 15% down payment for a house: $15,828

Discover More: I’m a Real Estate Agent: 3 States Where You Should Sell Your Property in the Next 5 Years

Gil Lebois / Wikimedia Commons
Gil Lebois / Wikimedia Commons

4. Decatur, Illinois

  • Average 2024 home value: $88,827

  • Median household income: $49,039

  • Yearly optimum savings: $9,808

  • 15% down payment for a house: $13,324

pawel.gaul / Getty Images
pawel.gaul / Getty Images

3. Detroit

  • Average 2024 home value: $70,920

  • Median household income: $37,761

  • Yearly optimum savings: $7,552

  • 15% down payment for a house: $10,638

SeanPavonePhoto / Getty Images/iStockphoto
SeanPavonePhoto / Getty Images/iStockphoto

2. Jackson, Mississippi

  • Average 2024 home value: $63,102

  • Median household income: $42,193

  • Yearly optimum savings: $8,439

  • 15% down payment for a house: $9,465

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

1. Flint, Michigan

  • Average 2024 home value: $56,735

  • Median household income: $35,451

  • Yearly optimum savings: $7,090

  • 15% down payment for a house: $8,510

Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.

Methodology: For this piece GOBankingRates, looked at the 500 largest cities in terms of total households as sourced from the 2022 American Community Survey as conducted by the US Census Bureau. With these cities isolated, GOBankingRates found each city’s (1) median household income; (2) 2024 typical home value; and (3) optimal savings amount if one followed the 50/30/20 rule, where one puts 20% of one’s income into savings. With these figures GOBankingRates was able to determine where one could or could not save enough in a year for a 20%, 15%, and 10% down payment. All data was collected and is up to date as of May 20, 2024.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: Here’s How Much You Need for a 15% Down Payment on a House in 50 Cities