How much down payment do I need in Phoenix?

There's no set down payment amount for Phoenix, as it depends on the home's price and your loan type. However, for a home priced at the current median of $475,000, a common 20% down payment would be $95,000. Many loans allow for much lower down payments, sometimes as little as 3% to 5%. To give you an idea, a 5% down payment on that median-priced home would be $23,750. If you put 10% down, you'd be looking at $47,500. The amount you choose affects your monthly mortgage payment and whether you pay private mortgage insurance. The median listing price in Phoenix right now is $475,000. This price has stayed flat over the most recent month but is 4.8% lower than it was over the past year. This could mean you're seeing more stable prices right now compared to a year ago. There are many homes available in Phoenix, with over 18,400 active listings. This number is 7.5% higher than over the past year, giving you more options to choose from. Homes are also spending about 62 days on the market, which is a bit quicker than in the past. Think about what down payment amount you're comfortable with and what monthly payments you can afford. Knowing the median price helps you set a realistic savings goal for buying a home in Phoenix.