Top 10 Tips for First-Time Homebuyers - Ligris
1. Determine your budget · 2. Credit score · 3. Get pre-approved for a mortgage · 4. Research first-time home buyer programs · 5. Consider ...
13% of the home’s value on a down payment
It is important to note that you should factor the expense of a down payment into your budget. The standard used to be that your down payment should total 20% of the home’s value, but, according to The Boston Business Journal, Massachusetts homebuyers are only putting <anchor>13% of the home’s value on a down payment</anchor> on average. There are many variables that impact how much you should put down on a house, like first-time homebuyer programs which are explained in tip #4.
What's the typical down payment for a house in Massachusetts? - Boston Business Journal
What's the typical down payment for a house in Massachusetts? - Boston Business Journal

The Business Journals

Select a City

- [National](https://www.bizjournals.com/)
- [Albany](https://www.bizjournals.com/albany)
- [Albuquerque](https://www.bizjournals.com/albuquerque)
- [Atlanta](https://www.bizjournals.com/atlanta)
- [Austin](https://www.bizjournals.com/austin)
- [Baltimore](https://www.bizjournals.com/baltimore)
- [Birmingham](https://www.bizjournals.com/birmingham)
- [Boston](https://www.bizjournals.com/boston)
- [Buffalo](https://www.bizjournals.com/buffalo)
- [Charlotte](https://www.bizjournals.com/charlotte)
- [Chicago](https://www.bizjournals.com/chicago)
- [Cincinnati](https://www.bizjournals.com/cincinnati)
- [Cleveland](https://www.bizjournals.com/cleveland)
- [Columbus](https://www.bizjournals.com/columbus)
- [Dallas](https://www.bizjournals.com/dallas)
- [Dayton](https://www.bizjournals.com/dayton)
- [Denver](https://www.bizjournals.com/denver)
- [Greensboro/Winston-Salem](https://www.bizjournals.com/triad)
- [Honolulu](https://www.bizjournals.com/pacific)
- [Houston](https://www.bizjournals.com/houston)
- [Jacksonville](https://www.bizjournals.com/jacksonville)
- [Kansas City](https://www.bizjournals.com/kansascity)
- [Los Angeles](https://www.bizjournals.com/losangeles)
- [Louisville](https://www.bizjournals.com/louisville)
- [Memphis](https://www.bizjournals.com/memphis)
- [Miami/Fort Lauderdale](https://www.bizjournals.com/southflorida)
- [Milwaukee](https://www.bizjournals.com/milwaukee)
- [Minneapolis/St. Paul](https://www.bizjournals.com/twincities)
- [Nashville](https://www.bizjournals.com/nashville)
- [New York](https://www.bizjournals.com/newyork)
- [Orlando](https://www.bizjournals.com/orlando)
- [Philadelphia](https://www.bizjournals.com/philadelphia)
- [Phoenix](https://www.bizjournals.com/phoenix)
- [Pittsburgh](https://www.bizjournals.com/pittsburgh)
- [Portland](https://www.bizjournals.com/portland)
- [Providence](https://www.bizjournals.com/rhodeisland)
- [Raleigh/Durham](https://www.bizjournals.com/triangle)
- [Sacramento](https://www.bizjournals.com/sacramento)
- [San Antonio](https://www.bizjournals.com/sanantonio)
- [San Francisco](https://www.bizjournals.com/sanfrancisco)
- [Seattle](https://www.bizjournals.com/seattle)
- [Silicon Valley](https://www.bizjournals.com/sanjose)
- [St. Louis](https://www.bizjournals.com/stlouis)
- [Tampa Bay](https://www.bizjournals.com/tampabay)
- [Washington, D.C.](https://www.bizjournals.com/washington)
- [Wichita](https://www.bizjournals.com/wichita)

[BostonBusiness Journal](/boston)

[Boston Works\
\
A yearlong look at workforce development news and information.](https://www.bizjournals.com/boston/news/feature/boston-works/)

- [Latest News](/boston/news)
- [Lists & Leads](/boston/datacenter)
- [Commercial Real Estate](/boston/news/commercial-real-estate)
- [Banking](/boston/news/banking-and-financial-services)
- [Technology](/boston/news/technology)
- [Residential Real Estate](/boston/news/residential-real-estate)
- [BostInno](https://www.bizjournals.com/boston/inno)
- [Events](/boston/event)
- [40 Under 40](/boston/40-under-40)
- [Best Places to Work](/boston/best-places-to-work)
- [Women Who Mean Business](/boston/women-of-influence)
- [Nominations](https://www.bizjournals.com/boston/nomination)

- [Residential Real Estate](/boston/news/residential-real-estate)

# Massachusetts has the fifth-highest average down payments for houses in the country

![Crane Watch](https://media.bizj.us/view/img/12302116/crane-watch-ashley-court-04*900x506x6000-3375-0-313.jpg)expand

FILE — Ashley Court, a condominium complex at 68 Prospect St. at Peabody. The area's slow housing growth, combined with high demand, has kept Boston-area prices among the highest of any major metropolitan area.

Gary Higgins / Boston Business Journal

![Grant Welker](https://media.bizj.us/view/img/12180360/grant-welker-02*60x60x4032-4038-0-227.jpg)

By [Grant Welker](/boston/bio/42132/Grant+Welker) – Projects Reporter, Boston Business Journal

Apr 19, 2023

Listen to this article 2 min

It's another indicator of the state’s housing affordability challenges, particularly for first-time buyers.

The average down payment on a Massachusetts home is nearly $73,000, the fifth-highest average down payment nationally, according to personal finance website Moneywise.

It's another indicator of the state’s housing affordability challenges, particularly for first-time buyers.

Although the traditional standard is that a down payment should equal 20% of the home's value, Massachusetts homebuyers average putting down around 13%, according to the site.

Moneywise made its down-payment calculation on a median home value of $559,312, which it said it based off [Zillow](/boston/organization/zillow) data. The Warren Group reported a median single-family home price in Massachusetts of $540,000 in March, up almost 5% from last year, and a median condominium price of $500,000. The median price among 139 cities in towns in the Boston area was $670,000.

Massachusetts trailed only Hawaii, California, Washington and Colorado in typical down payment price, according to Moneywise. In Hawaii, an average down payment of more than $110,000 is needed for a home valued at $849,000, the study found.

* * *

**_Subscribe to the_** [**_Morning Edition_**](https://www.bizjournals.com/boston/newsletters) **_or_** [**_Afternoon Edition_**](https://www.bizjournals.com/boston/newsletters) **_for the business news you need to know, all free._**

[The Largest Construction Projects in Massachusetts](https://www.bizjournals.com/boston/subscriber-only/2022/07/21/the-largest-construction-projects-in-massachusetts.html)

Project dollar value\*

RankPrior RankProject

1

1

Green Line Extension Project for the MBTA

2

2

EchelonSeaport

3

3

South Station

[View this list](https://www.bizjournals.com/boston/subscriber-only/2022/07/21/the-largest-construction-projects-in-massachusetts.html)

## Related Content

- ![](https://media.bizj.us/view/img/12483424/35-garvey1*120x90x1616-1212-278-0.png)





### No longer a 'dumping ground': Everett seeks to shed industrial image





[Related: No longer a 'dumping ground': Everett seeks to shed industrial image](https://www.bizjournals.com/boston/news/2023/04/14/an-industrial-expanse-just-across-from-boston-rein.html)

- ![](https://media.bizj.us/view/img/12485968/screen-shot-2023-04-06-at-15122-pm*120x90x1328-996-250-0.png)





### Hines, partner seek to build 300-plus rental units for Allston project





[Related: Hines, partner seek to build 300-plus rental units for Allston project](https://www.bizjournals.com/boston/news/2023/04/06/hines-calare-300-rental-units-allston.html)

- ![](https://media.bizj.us/view/img/12477525/screen-shot-2023-03-24-at-15420-pm*120x90x1003-752-295-0.png)





### Nonprofits to turn Fenway rooming house into affordable housing





[Related: Nonprofits to turn Fenway rooming house into affordable housing](https://www.bizjournals.com/boston/news/2023/03/24/nonprofits-fenway-rooming-house-affordable-housing.html)

- ![](https://media.bizj.us/view/img/12469822/screen-shot-2023-03-14-at-54920-pm*120x90x1381-1036-204-0.png)





### Boston apartment project wins ZBA's OK after controversial rejection





[Related: Boston apartment project wins ZBA's OK after controversial rejection](https://www.bizjournals.com/boston/news/2023/03/15/boston-apartment-project-wins-zbas-ok-after-contr.html)

- ![](https://media.bizj.us/view/img/12384056/andrea-campbell-01*120x90x5333-4000-334-0.jpg)





### Towns violating MBTA housing law may face legal action, AG says





[Related: Towns violating MBTA housing law may face legal action, AG says](https://www.bizjournals.com/boston/news/2023/03/15/mbta-communities-act-legal-action.html)


Back to Top

[Boston Business Journal](/boston)

- [Home](/)
- [News](/news)
- [Lists & Leads](/datacenter)
- [People](/potm)
- [Companies](/bizjournals/datacenter/companies)
- [Events](/calendar/bizjournals)
- [Store](https://promo.bizjournals.com/bizjournals/store/)

#### Subscribers

- [Start a Subscription](/boston/subscribe?iana=csnav&csrc=6315)
- [Subscriber-Only Content](/boston/news/subscribers)
- [Digital Edition](/boston/digital-edition?issue_id=41003)
- [Book of Lists](/boston/book-of-lists)
- [Book of Lists - Unlimited](/boston/datacenter/lists/book-of-lists-unlimited)
- [Manage your Account](/myaccount?market=boston)
- [Manage My Advertising](/ads)

[![](https://media.bizj.us/view/img/12830503/boston-w-20240913-20240913*115x157x.png)Subscriber Content](/boston/news/subscribers/)

#### About & Contact

- [About Us](/boston/about-us/)
- [About The Business Journals](/bizjournals/about-us/)
- [Advertise](https://advertise.bizjournals.com?ana=om_wb_dg_ftr)
- [Help & FAQs](https://support.bizjournals.com/en/)
- [Circulation Sales Center Directory](/boston/about-us/sales-center)

#### Apps & Syndication

- [Mobile Apps](/boston/apps/)
- [Syndication/RSS](/boston/syndication/)

#### Follow Us

- [twitter](https://twitter.com/BosBizJournal "twitter")
- [linkedin](http://www.linkedin.com/company/boston-business-journal "linkedin")
- [facebook](https://www.facebook.com/BostonBusinessJournal "facebook")
- [instagram](https://instagram.com/bostonbusinessjournal "instagram")

* * *

#### Newsletters

- [Sign Up Now](/account/boston/newsletters)

#### ACBJ

- [American City Business Journals](http://www.acbj.com/)
- [AmericanInno](/inno)
- [BizEquity](https://www.bizequity.com/)
- [BizLeads](https://www.bizleads.com/)
- [Bizwomen](/bizwomen)
- [Hemmings](http://www.hemmings.com/)

- [User Agreement](https://www.bizjournals.com/useragreement)
- [Privacy Policy](https://www.bizjournals.com/privacy)
- [Ad Choices](https://www.bizjournals.com/privacy#ToCV)
- [Site Map](https://www.bizjournals.com/sitemap)

© 2024 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our [User Agreement](https://www.bizjournals.com/useragreement) (updated August 13, 2024) and [Privacy Policy](https://www.bizjournals.com/privacy) (updated July 3, 2024). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals.