Median income family in San Diego would need ‘nearly impossible’ down payment to afford mortgage

Median income family in San Diego would need ‘nearly impossible’ down payment to afford mortgage

The old adage that you need a 20% down payment to afford a home is a massive underestimation for the average buyer in 2024, according to analysts at Zillow.com.

Mortgage rates drop to a two-month low: Here’s how much a buyer would need to put down to afford monthly payments

The 30-year mortgage rate is averaging 6.87%. Freddie Mac said in its latest weekly survey on Thursday.

Median income home buyers in Austin would need to put down a more than $200,000 payment to afford a typical mortgage payment

To afford a monthly mortgage payment on the typical Austin home, a median-income household would need to put $209,333 down - a 44.9% down payment.