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

Heather Taylor

May 22, 2024 at 1:01 p.m.·10 min read

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

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.

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.

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

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

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

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

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

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?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Moneywise
Grant Cardone believes 'there's only 1 car' in the US that Americans should buy
He chose to lease an even more expensive one.
The Motley Fool
For a Shot at $6,228/Year in Passive Income, Buy 755 Shares of This TSX Stock
Looking for passive income? You'll need to look beyond only dividends. Which is why EIF stock could be one of the best buys on the market. The post For a Shot at $6,228/Year in Passive Income, Buy 755 Shares of This TSX Stock appeared first on The Motley Fool Canada.
The Motley Fool
With Natural Gas in Demand, 2 TSX Stocks Are Set to Heat Up
Natural gas stocks such as Tourmaline will see their fortunes rise as natural gas demand and prices rise. The post With Natural Gas in Demand, 2 TSX Stocks Are Set to Heat Up appeared first on The Motley Fool Canada.
Business Insider
Bill Gates' former assistant is worth $154 billion — and could soon be richer than the Microsoft cofounder
Steve Ballmer was hired as Bill Gates' assistant in 1980, became Microsoft CEO in 2000, and retired a decade ago with a hugely valuable 4% stake.
GOBankingRates
I’m a Bank Teller: 5 Banking Services Retirees Should Be Using but Aren’t
Retirees need to keep a close eye on their money. After a lifetime of working, typically they shift gears into a fixed income that is some configuration of Social Security, benefits from their job and...
Oilprice.com
Huge Rare Earths Discovery is Gamechanger in Americas Trade War with China
Greenland’s massive rare earth deposit, acquired by a Nasdaq-listed company, could significantly reduce the West's dependence on China for critical minerals.
The Motley Fool
Undervalued Canadian Stocks to Watch in June 2024
Are you looking for value? These undervalued Canadian stocks are in the prime position for future growth and income for investors. The post Undervalued Canadian Stocks to Watch in June 2024 appeared first on The Motley Fool Canada.
The Motley Fool
Income Stocks: A Once-in-a-Decade Chance to Get Rich
When it comes to income stocks, there are some that provide soaring opportunities for the next decade. And this dividend stock is one. The post Income Stocks: A Once-in-a-Decade Chance to Get Rich appeared first on The Motley Fool Canada.
GOBankingRates
I’m an Average Middle-Class Retiree: Here’s How Much Savings I Have
Though your pre-retirement income alone isn't enough to determine if you'll retire comfortably, it certainly plays a role. For example, if you're earning a middle-class salary, the amount you allocate...
Fortune
Bank of America tells Detroit’s Big 3 they can’t make money in China and should just leave the hypercompetitive car market ‘as soon as they possibly can’
BoA argues GM, Ford and Stellantis either face a future of funding continued losses in China or they can redeploy resources to finally become competitive with Tesla—but they can't do both.
The Canadian Press
BoC considered waiting until July to cut interest rates, summary says
OTTAWA — The Bank of Canada's governing council thought about waiting until July to lower interest rates but ultimately decided to cut earlier, the central bank's summary of deliberations reveals.
The Motley Fool
How to Build a Monthly Passive-Income Stream With Canadian REITs
These two monthly dividend stocks will create passive income you can live off of for life, and now is the time to buy. The post How to Build a Monthly Passive-Income Stream With Canadian REITs appeared first on The Motley Fool Canada.
The Motley Fool
BMO vs. BNS: Which Bank Stock Is a Better Buy?
Let's explore whether Bank of Nova Scotia or Bank of Montreal is a better buy today seeing as they have experienced a dip in their shares recently. The post BMO vs. BNS: Which Bank Stock Is a Better Buy? appeared first on The Motley Fool Canada.
Barrons.com
GameStop Stock Falls Again. The Rally Has Run Out of Steam.
Nothing seems to be able to break the negative rally in GameStop stock. Details of a cost-cutting program laid out by CEO Ryan Cohen at GameStop rescheduled annual meeting haven’t helped much after being delayed to Monday, from Thursday, after a livestream of the event crashed due to intense interest in the meme stock. GameStop has been the center of renewed interest in meme stocks, companies for which share prices move more in reaction to social media posts than the fundamental health of the businesses.
The Canadian Press
Nuvei shareholders approve US$6.3-billion private equity buyout
MONTREAL — Nuvei Corp. shareholders have voted overwhelmingly in favour of a plan that will see the company bought by an American private equity firm and taken private at a US$6.3-billion valuation.
Simply Wall St.
Top Three TSX Stocks Estimated To Be Undervalued In June 2024
Amidst a shifting economic landscape marked by moderating inflation and central bank policies, the Canadian market presents unique opportunities for investors. As the Bank of Canada embarks on a potential rate-cutting cycle, understanding which stocks are undervalued becomes particularly crucial in leveraging these evolving market conditions.
Simply Wall St.
Magna International (TSE:MG) investors are sitting on a loss of 44% if they invested three years ago
As an investor its worth striving to ensure your overall portfolio beats the market average. But in any portfolio...
Moneywise
Robert Kiyosaki and Ken McElroy have $2 billion in debt between them, but they’re not worried. How debt can grow wealth
'90% of people use debt to get poor,' Kiyosaki says.
The Motley Fool
This Is the Biggest Stock in My Personal Portfolio
Here's why I continue to buy shares of this S&P 500 index ETF whenever I can. The post This Is the Biggest Stock in My Personal Portfolio appeared first on The Motley Fool Canada.
The Motley Fool
Beat the TSX With These Cash-Gushing Dividend Stocks
The TSX is a gold mine for dividend stocks. You can find 6% yield stocks that even grow their dividend income. They can help you beat the TSX. The post Beat the TSX With These Cash-Gushing Dividend Stocks appeared first on The Motley Fool Canada.