7 Housing Markets Where Buyers Need Less Than $30K to Buy a House
Detroit tops the list, with just $14,199 needed for a 20% down payment
Nov. 25, 2024
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In Detroit, buyers need less than $15,000 to cover a 20% down payment for a median priced home.
The increasing cost of housing has made it more challenging to secure a down payment to purchase a home. However, in seven cities it is still possible to buy a home with a down payment of less than $30,000, according to GOBankingRates. In Memphis, Tenn., for instance, a buyer would need to save $29,481 for a 20% down payment to afford the typical priced home of $147,405. Dayton, Ohio, also made the list, with buyers needing to save $28,564 for a 20% down payment on a typically priced home costing $142,820.
One of the most frequently cited rules of thumb for buying a house is to put down 20% or more of the price. A 20% down payment ensures buyers do not need to pay additional monthly PMI (private mortgage insurance) fees. Read more
