With home prices soaring, buyers must spend more up front to put a roof over their heads.
Dallas-Fort Worth-area homebuyers on average are forking over an almost $40,000 down payment when they purchase a property, according to a new study by LendingTree.
That’s an all-time high, but D-FW down payments are less than the $46,283 average nationwide in the 50 largest metro areas.
“While there are signs that the housing market is beginning to cool somewhat, home prices are still significantly higher in many parts of the U.S. than they were before the coronavirus pandemic,” LendingTree’s Jacob Channel said in the new report. “One of the side effects of these higher home prices is higher down payments.”
D-FW’s average home purchase down payment represents more than half of the area’s median annual household income.
D-FW ranks 24th in the country among the markets with the highest home down payments.
Home prices in the area were up 16% in July from a…