How Much Do You Need For A Down Payment?

According to a survey from RealtyTrac, buyers in 2014 put down an average of 14%, and more in higher-priced markets. Surprisingly, younger buyers appear to have made higher down payments at an average of 17%. It's important to note that while RealtyTrac surveyed over 350 counties, most of these appear to be on the coasts.

3.5% down payment FHA loans, and 5% down conventional loans are increasingly popular -- and publicized -- in the Midwest, including greater Cincinnati, where lower sale prices (as compared to coastal states) mean that first-time home buyers and others who may not have large amounts of cash available for a down payment are competing against people in similar situations rather than those able to fork over 24% which is the average in some luxury markets.

What does this mean for you? Talk to a few lenders to get a good idea of what types of loans you qualify for, and talk to a Realtor about what you need to be competitive in your local market.