Fortune

Whether you’re buying a home for the first time or you’re a seasoned homeowner looking for some new digs, you may be wondering how much to put down on your mortgage loan. While a 20% down payment is a common suggestion among financial experts, that’s an unrealistic objective for many prospective homebuyers. What’s more, down payment requirements and the impact of your down payment can vary depending on the type of mortgage loan you choose—if you’re just getting started, you may wish to check out our breakdown of different mortgage types in our current mortgage rates guide.

How much should a house down payment be?

Record-high median home prices, elevated mortgage interest rates, and limited for-sale inventory, are reshaping the landscape of the U.S. real estate market and the cost of buying a home. For example, the average median home price in the U.S. reached an all-time high of $419,300 in 2023, according to National Association of Realtors (NAR).

Average Cost of Buying A Home in the U.S.

You generally need to demonstrate sufficient income to buy a house, but it is possible to buy a home with no income. You’ll need to prove to a lender that you can afford the mortgage payments in other ways, such as by paying with assets, or you’ll need to buy the house with all cash. Learn more about how to buy a house with no income.

How to Buy a House With No Income

ARMs can offer temporary relief for homebuyers who want to avoid paying higher mortgage rates — however, they also come with risk.

Thousands of homeowners are about to get slammed with higher monthly payments

Forty-three percent of last year's home buyers used a gift from family or friends to help with their down payment, the most since at least 2018. SEATTLE, June 20, 2024 -- To comfortably afford a typical U.S. home, a home buyer making the median income needs to put down nearly $127,750, or 35.4%, a new Zillow® analysis shows. Five years ago, when mortgage rates were hovering just above 4% and the typical home was worth about 50% less, that home would have been affordable with no money down.

To afford a monthly mortgage payment, middle-class Americans need to put more than $127,000 down

South Carolina State

GOBankingRates

Six months into the 2024 calendar year, those interested in purchasing real estate may be getting strategic about buying a home. Ideally, this purchase should be made in a city where they can build...

54 Places Where Homes Will Become More Valuable in 2024

Wyoming State

When you buy a home, your monthly expenses can run much higher than your mortgage payment. Home insurance, maintenance costs, home association dues and property taxes can spike your monthly outlay by...

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NewSantaAna

The FBI has seen a rise in scams targeting timeshare owners. In this kind of scam, criminals con these part-time property owners into shelling out hefty sums of cash, all under false pretenses related to their timeshare properties.

FBI warns that Mexican cartels are targeting Americans with timeshare scams

Florida State

FinanceBuzz

Don't let your retirement savings fade in the Florida sun. Find out which 12 cities are becoming too expensive for retirees.

12 Florida Cities That Are Getting Too Expensive for Retirees

USA TODAY

The housing market's tough but not impossible, experts say. They offer their best tips on how to buy or sell in this market to get what you want.

Want to buy or sell a home? How to get a 3% mortgage rate, negotiate fees, and more

The latest official figures from the U.S. Census Bureau place median household income at $74,580. The Pew Research Center defines middle-income households as those "with an income that is two-thirds...

How Much Household Income Will Be Considered Upper Middle Class by the End of 2024?

Massachusetts State

If you're thinking of living on your own, you'll need to make about $45,000 per year in most states just to get by. That's roughly the median income needed to cover basic expenses, according to a new analysis by SmartAsset, which looked at estimates for housing, transportation, health care, taxes and other common expenses, as tracked by the MIT Living Wage calculator.

The salary a single person needs to make ends meet in every U.S. state

Hawaii State

If you've recently considered moving to Hawaii, you know how expensive the state is compared to much of the rest of the United States. In fact, just 20% of households in the state can afford to buy a...

The Best and Worst Cities in Hawaii for Your Finances

If you're in the market for a new house, you may be wondering how you're going to afford the mortgage. After all, mortgage rates are near 7%. Trending Now: Housing Market 2024 -- Here's the Average...

Creative Ways Homebuyers Are Paying Lower Mortgage Rates in 2024

DELCO.Today

Linda Gordner of C&N Bank covers how to budget for homeownership and gives an overview of upfront and additional costs to plan for. Congratulations! You’ve found the perfect house and are ready to make an offer. But before you place that bid, there are some additional expenses to consider that go beyond the down payment. To ensure a smooth transition into your new home and avoid any financial surprises, let’s explore some other expenses to factor into your homebuying budget.

Budgeting for Homeownership: Additional Costs Beyond the Down Payment

CBS News

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  Mortgage rates have been stubbornly high recently, hovering around 7% for much of 2024. Those rates have driven up monthly mortgage loan payments in turn, with the average monthly mortgage now sitting at over $2,200.And, unfortunately for homebuyers, interest rates and loan payments aren't the only costs you face when buying a house. The cost of buying a home can be even more expensive than that, experts say, and there are costs that may not come to mind when...

5 hidden expenses to watch for when buying a home, according to experts

Earning the highest rates on savings and CDs usually requires going with smaller and medium-sized banks and credit unions. But a few big-name banks pay a respectable APY—if you shop around. An even more select group of large U.S. banks offer both a savings account rate in the 4-5%...

These Big Banks Pay the Best Savings Account Rates Right Now—With Good CDs, Too

New Jersey State

Morristown Minute

NEW JERSEY - Attorney General Matthew J. Platkin and the Division of Consumer Affairs announced today that Walmart has agreed to pay $1.64 million to settle allegations of unlawful unit pricing practices across its 64 New Jersey retail stores. The settlement, which includes a $1.61 million civil penalty, marks the largest ever obtained by the Division’s Office of Weights and Measures (OWM).

Walmart Pays $1.64M Settlement for Unlawful Pricing in NJ

Indiana State

Kiplinger

If you don't plan for these hidden expenses of homeownership when buying a home, you could be stuck paying more than you can afford.

What Are the Hidden Costs of Homeownership?

Georgia State

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Coffee County, GA

Douglas, GA

Daily Coffee Press

A 49-year-old woman from Douglas was recently arrested for allegedly submitting a life insurance policy for her ex-husband without his knowledge. According to a Coffee County Sheriff’s Office incident report, detectives met with a man on May 7 at the Coffee County Law Enforcement Center concerning a reported case of insurance fraud.

Georgia woman charged for allegedly filing life insurance policy application on ex-husband

NewsBreak

Home Costs Are Likely Taking Up the Highest Portion of Your Paycheck Since 2007

Typical homeownership costs consumed 35.1% of the average national wage, the highest level since 2007, according to a report from real estate data firm ATTOM. The...

Home Costs Are Likely Taking Up the Highest Portion of Your Paycheck Since 2007

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