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Big down payments for buyers in San Jose, San Francisco

Big down payments for buyers in San Jose, San Francisco

By Ron Trujillo/

A booming economy and hefty equity gains are allowing homebuyers to drop a chunk of change — and plenty of dollars — down on their new homes.

In fact, the aptly named Golden State had  four cities with the largest median down payments in the nation during the second quarter. San Jose led the way at $306,000. San Francisco followed in second place at $220,000, while Los Angeles was at $130,000 and Thousand Oaks-Ventura finished at $115,400.

San Diego homeowners dropped an average of $90,400, the sixth-largest down payment in the nation, according to ATTOM Data Solutions. Only Boulder, Colo., blocked California cities from dominating the top five list.

The median down payment in the Sacramento region — one of the hottest markets in the state — was a more modest but still impressive $57,000 during the April-through-June period, according to CoreLogic.

Of course, consumers with smaller down payments are able to buy appropriately priced homes, as long as they have excellent credit and meet income requirements.

For example, the average homebuyer in the Inland Empire — Riverside and San Bernardino counties — plunked down about $28,000, while those in Bakersfield only put down $8,500. (Click below for an interactive map courtesy of ATTOM Data Solutions).

With record-high home prices that require hefty down payments, more consumers are joining forces to buy homes, according to ATTOM Data Solutions.

San Jose and San Francisco — already with the largest down payments in the nation — had the largest percentage of co-buyers in the nation during the second quarter. Co-buyers accounted for 49% of homes bought in San Jose, while San Francisco had the second-largest percentage at 39%. Both cities are much higher than the national rate of 17.4%.

Feature photo of house in Palo Alto by Hank Shiffman/Shutterstock

CA homeowners enjoy huge Q2 equity gains

Most California homeowners should feel pretty good about their equity gains, with the average home increasing $49,000 during the second quarter compared to a year ago.

The equity gain is the highest in the nation, and three times the national average of $16,200, according to CoreLogic. Second-place Washington state had a $41,000 boost in home equity during the second quarter compared to the same period a year ago. Nevada finished in third place at $32,000.

With the big gains, few homeowners are dealing with negative equity, as known as an underwater mortgage. Statewide, a paltry 2.4% of mortgages were underwater.

Only 0.5% of homes with mortgages in San Francisco were underwater during the second quarter, while Los Angeles had the fourth-lowest rate in the nation at 1.5%.

Photo of Santa Monica bungalow by Divanov/Shutterstock

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