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> Bigger Down Payments: U.S. Homebuyers Put More Money Upfront

The typical U.S. homebuyer put down 16% of the home’s price in 2024, up from 15% the previous year, with median down payments reaching $63,000. Rising home prices and high mortgage rates are pushing buyers to increase their upfront cash to reduce monthly payments.

Main takeaways:

• The median U.S. homebuyer’s down payment grew 7.5% year-over-year to $63,188, reflecting higher home prices.

• Cash purchases accounted for 31% of all home sales in 2024, down from 34% in 2023, as mortgage rates stabilized in the 6-7% range.

• FHA and VA loan usage remained relatively steady, with 15% of mortgaged buyers using FHA loans and 7% using VA loans.

What this means for Utah investors:
While Utah wasn't specifically highlighted in the report, the broader trend of rising down payments suggests a continued affordability squeeze. Investors in Utah—especially in markets like Salt Lake City and Provo—should anticipate stronger competition from well-capitalized buyers and consider creative financing options or targeting first-time buyers who may rely on FHA loans.

More News & Reports

Utah

Utah-Based Bridge Investment Acquired – Apollo Global Management will acquire Salt Lake City-based Bridge Investment Group for $1.5B, taking its $50B real estate portfolio private. The deal nearly doubles Apollo’s real estate assets under management to $110B. Bridge will operate as a standalone platform within Apollo, with Executive Chairman Bob Morse joining Apollo as a partner.

Utah’s Housing Market Stability – The Salt Lake metro ranks as the 13th most stable housing market in the U.S., with a 20.7% chance of home prices dropping 5% after purchase. This is below the national average of 26.4%. Despite a 27.6% price drop during its worst downturn, Salt Lake’s median home price has risen 215% since 2000, outpacing the national increase of 196%.

Utah Lawmakers Reject Bill to Prioritize Local Homebuyers – A bill aimed at giving Utahns an advantage over corporate investors in home purchases failed to advance in the state legislature. HB151, sponsored by Rep. Gay Lynn Bennion, sought to implement a 30-day waiting period for investors in Salt Lake County unless they committed to living in the home for a year. Critics argued it would interfere with market transactions and not significantly impact affordability. The bill was held in committee, likely ending its chances for the 2025 session.

Liquor Profits for Utah Affordable Housing? – Advocates push for Utah to allocate 25% of liquor sales profits to affordable housing, proposing HB286 to direct $28 million annually to the Olene Walker Housing Loan Fund. While nonprofits support the effort, Senate leaders cite budget constraints and existing allocations for liquor revenue.

National

Mortgage Rates Drop – The average top-tier mortgage rate has fallen 0.22% over four days, reaching a four-month low. Unlike typical rate shifts driven by major economic reports or Federal Reserve policy, this decline stems from downbeat economic sentiment and increased bond market activity. Future rate movements will depend on upcoming economic data and inflation trends.

Fixer-Upper Fades – Zillow reports remodeled homes in high demand, selling for a 3.7% premium, while fixer-uppers see a 7.3% discount—the largest in three years—due to high renovation costs and buyers preferring move-in-ready properties.

Cap Rates Rise in CMBS Lending – Cap rates increased across most property types in Q4 2024, signaling shifts in CMBS underwriting. Multifamily cap rates rose to 5.90%, up from 5.77% in Q3, while retail, industrial, and self-storage also saw increases. Hotel cap rates were the exception, declining to 7.30%. Multifamily loan volumes dropped 55%, the largest decline, while self-storage lending surged 254%.

Small Multifamily Rebound – Construction of small multifamily units (2-4 units) saw a 25% year-over-year increase in Q4 2024, signaling a potential revival of missing middle housing. However, production remains below historical norms, highlighting the need for zoning reform to sustain growth.

Mortgage Burden Grows – The average U.S. family now spends 38% of its income on a mortgage for a new home, highlighting worsening affordability. Low-income families face even greater strain, needing 76% of earnings for the same home.

Luxury for Less – Renters seeking upscale living at lower costs can find deals in 200 zip codes nationwide. Texas leads with 44 locations, followed by Colorado and North Carolina. Seattle offers the biggest savings, with high-end apartments renting for $880 below city averages in West Seattle (98116). Other top spots include Austin, Denver, and Atlanta, where premium rentals remain affordable.

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