What’s the Average Downpayment on A Home?

Man holding daughter and box and woman holding box are walking up the front steps of a home.

What is the average downpayment needed to buy a home? According to the National Association of Realtors’ latest report “Downpayment Expectations and Hurdles to Homeownership,” not as much as you might think.

What’s the Average?

Consumers have traditionally believed that on today’s market, a 20% downpayment is required. However, the median average downpayment was 12%. First-time homebuyers had a median amount of 6% while repeat buyers have a median of 16%. In comparison, back in 1989, the median payment was 20%. First-time homebuyer’s average was at 10%, and repeat buyers were at 23%.

While a 20% payment can have its benefits, it’s not always possible for every buyer. And that’s okay! According to the numbers is not the norm for many buyers in today’s market.

Obstacles to 20%

13% of all buyers cited saving for a downpayment as the most difficult task in the home buying process. The report examined the common barriers to saving. Since 2015, the #1 expense preventing buyers from saving for this major cost has been student loan debt. The next most common answers included credit card debt and car loans.

When asked about what is holding them back from saving, most respondents said their limited income prevented them from saving (32%). Other obstacles included rising rents (22%), and health and medical costs (16%). 

Saving for Your Downpayment

So how can you help yourself save for a downpayment? While there are some factors you can’t plan for, like health and medical expenses, you can do your best to set yourself up for success. Here’s how:

  • Look at your budget and see where you can save. Cut unnecessary spending when possible.
    • For example, if you buy a specialty coffee every morning from Starbucks before work, you could save up to $1,000 a year!
  • Transfer a specific account into a savings account every paycheck. Make sure it is a separate account that you won’t touch.
  • Work on paying down debts like credit cards and car loans

The bottom line: homeownership can be possible without a 20% downpayment. Questions about financing? Be sure to check out HUNT Mortgage and speak with a knowledgeable Mortgage Consultant today.


2/14 Radio Show: Carl Paladino

Your host, Peter Hunt, welcomes Carl Paladino, Chairman of the Ellicott Development Company in Buffalo, NY to the show.

Peter leads the discussion on the ongoing pandemic and how it has impacted local business and NYS. 


HUNT Real Estate Posts Record 2020 in Western New York

Beautiful Newly Constructed Modern Home

HUNT sold over 5,700 units and surpassed $1.2 billion in sales volume in 2020 in WNY

HUNT Real Estate ERA has announced that 2020 was a record-breaking year for the company in its Western New York region. HUNT Real Estate sales professionals based in the Buffalo Niagara region sold 5,753 units, totaling $1.235 billion in sales volume. The sales data was provided by the Buffalo Niagara Association of Realtors for the time period of January 1, 2020 through December 31, 2020. The data also shows that HUNT Real Estate finished 2020 as the leading real estate brokerage among the more than 340 broker members of the Association for the most units sold and the highest total sales volume in Western New York.

“We are grateful to the thousands of clients that chose to work with our Sales Professionals to reach their homeownership objectives,” stated Peter Hunt, Chairman & CEO of HUNT Real Estate ERA. “I’m personally grateful to our Professionals who combined their efforts to make HUNT Real Estate the #1 residential brokerage in this region in our 109th year of continuous service.” 


2/6 Radio Show: Paul Tyno

Your host, Peter Hunt, welcomes Paul Tyno, Director of Energy, Efficiency, and Sustainability at Noco Energy.

Peter leads the discussion on climate change and energy efficiency in both residential and business settings. 


Who’s Moved to HUNT Real Estate ERA

We are pleased to welcome the following sales professionals to the HUNT Real Estate ERA family. Their association further affirms our commitment to offering the highest level of service to our clients.

Buffalo/Niagara Region

Rochester & Southern Tier Region

Central & Northern NY Region

Capital Region

Arizona Region

WHY SHOULD YOU JOIN HUNT?
HERE ARE JUST A FEW REASONS…

The HUNT® Reputation
Rankings & Accolades

  • #1 Family-Owned and Operated Real Estate Firm in New York State
  • Top-Ranked Broker in the ERA Real Estate network 
  • Ranked #35 on REAL Trends Top 500 Brokerages Survey* 
  • Gene Francis Memorial Award Winner Honoring ERA’s Top All-Around Company 
  • Member of Who’s Who in Luxury Real Estate 
  • Ranked one of Western New York’s Fastest-Growing Companies

The Most Productive Agents 

  • 1600 Licensed Real Estate Professionals in 50+ Branches
  • 13,000+ Transactions
  • $2.756 Billion in Closed Sales
  • Per Person Productivity of Nearly 9 Transactions

If you’re ready to take advantage of everything we have to offer AND make more money, join HUNT Real Estate ERA today!

*Source: 2019 REAL Trends 500 | Ranked by Closed Transaction Sides


1/30 Radio Show: John B. Leonardi

Your host, Peter Hunt, welcomes John B. Leonardi, CEO of the Buffalo Niagara Association of Realtors.

Peter leads the discussion on the real estate industry and how it has changed and evolved in the past year.


1/23 Radio Show: Robert Shibley

Your host, Peter Hunt, welcomes Robert (Bob) Shibley, Professor and Dean at the School of Architecture and Planning at the University at Buffalo.

Peter leads the discussion on how UB’s School of Architecture and Planning has responded to the pandemic and how the school impacts the Buffalo community.


1/16 Radio Show: Dr. Gary Olson

Your host, Peter Hunt, welcomes Dr. Gary Olson to the show.

Dr. Olson is the President of Daemen College in Buffalo, NY.

Peter leads the discussion on Daemen College and their impact on the Buffalo community.


1/9 Radio Show: Carl Calabrese

Your host, Peter Hunt, welcomes Carl Calabrese to the show.

Carl is recently retired and was a senior partner at Masiello, Martucci, Calabrese & Associates.

Peter leads the discussion on the current political climate locally, in NYS and beyond.


Selling Your Home

Red For Sale sign outside home

Are you considering selling your home? It can be a major decision to decide to sell your home. You could be looking for a larger space, or you’re ready to downsize. Whatever your reason for selling, it’s important that you familiarize yourself with the home selling process. Here’s a brief overview of what to expect and how to prepare for the sale of your home.

Understand Your Expectations

man and woman look at phone screen

Are you selling to find a larger home? Are you looking for a bigger yard? Are you even going to buy another home? It’s important to know why you’re choosing to sell so that you can take care of your living situation following the sale of your home.

Be sure to discuss your expectations for the home selling experience with your real estate agent. They are going to be your partner throughout the process. They are also going to be a great resource for any questions you may have, including pricing!

Check out these blogs when you’re ready to work with an agent to sell.

Prepare Your Home for Sale

Back patio if blue house with hanging flowers, trees, two chairs and a table

It’s important to make sure your home is ready for sale. There are quite a few things to get in order before listing, including collecting all the necessary paperwork, making home repairs, organizing your home, and staging your home for success.

Here are a few blogs to check out if you’re looking for more information:

Market Your Home

Now more than ever, it’s important to have a great marketing plan for your home. Once your home is ready for the market, you’ll need to advertise it to prospective buyers. HUNT Sales Professionals are experts in marketing your home and getting it in front of the right buyers. Learn more about how important it is to work with a real estate professional when selling your home the first time (or any time):

Negotiation, Sale & Closing

Once your home is listed on the market, buyers will view your home and decide if they’d like to place an offer. Your real estate sales professional can help walk you through all the offers so that you can make an informed decision before accepting.

Once you’ve accepted an offer, your sales professional will help guide you through the next steps before closing. HUNT Real Estate is a full-service real estate company, so we have the resources to help guide you through your entire home selling process! To learn more about negotiations and closings, check out these blogs:


Still have questions? One of our HUNT Sales Professionals will be happy to help. If you’re thinking about selling your home, please reach out to a HUNT Sales Professional today.