How Much Will Your Down Payment Be

How Much Will Your Down Payment Be

As hundreds of people are continually moving to Dallas on a daily basis, home values are rising and buyers are having to play the real estate game with multiple offers on their dream home. The biggest problem for buyers is having enough cash for a down payment, which usually empties one's saving account. 

Wondering how much of your salary will be required for your down payment? According to a recent Zillow report, buyers must save around two-thirds of their annual salary! 

There are ways around spending a large chunk of change for your down payment - this is done by getting an FHA mortgage loan, which only requires you to put down 3.5% - BUT this is not a good way to get the best interest rates and terms. 

The standard down payment is usually 20%. In DFW, this usually equates to $40,080, based on a Zillow Home Value Index median price of $200,400.  The median salary in Dallas is around $62,607, that's 64% of our yearly earnings we would need to set aside. The national average is 67% - so this is not out of ordinary......Unlike Austin, where buyers are having to put down 82% of their salary on a down payment for a home. 

Moving to Dallas? For all your DFW real estate needs, selden@rogershealy.com


Selden Tual Headshot
Author:
Phone: 512-944-3121
Dated: January 25th 2017
Views: 90
About Selden: Selden is a native of Memphis, TN where he attended Christian Brothers High School. After high schoo...

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