How much down payment do I need in Los Angeles?

There isn't a set down payment amount, but a typical 20% down payment on a median-priced home in Los Angeles right now would be around $206,900. This helps you avoid extra insurance costs and lowers your monthly payments. You can often buy a home with less than 20% down, but it usually means higher monthly costs. Your lender will discuss all your options.The current median listing price in Los Angeles is about $1,034,500. This price has dipped slightly over the last month by 1.5% and is down 5.9% compared to this time last year.When you put 20% down, it typically means you won't have to pay for private mortgage insurance (PMI). This is an extra fee that protects the lender if you stop making payments.The average home stays on the market for 55 days. This is a little faster than it was a year ago, so homes are selling more quickly.While a 20% down payment is common, speak with a mortgage professional to understand how different down payment amounts affect your loan and what's best for your personal financial situation.