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