How much down payment do I need in Seattle?

It sounds like you're thinking about buying a home in Seattle. While there's no set rule, a typical down payment is often 20% of the home's price. Based on the current median listing price of $775,000, that would mean a down payment of $155,000. While this is a general guideline, the amount you actually put down can vary quite a bit. Many buyers choose to put down less than 20%, but that usually means you'll also pay for mortgage insurance. The median listing price in Seattle has seen a small decrease, down 1.1% from the prior month and 1.3% over the past year. This means that prices, on average, are a little lower now compared to recently. There are also more homes available right now, with active listings up 21.4% from a year ago. This gives buyers more choices than there were before. For buyers in Seattle, it’s a good idea to talk with a lender to understand all your options for a down payment and how that impacts your mortgage. They can help you figure out what works best for your situation.

There isn't a set down payment amount for Seattle homes; it depends on the price of the home you choose and your loan type. Many lenders like to see 20% down, which on a typical home priced at $775,000 would be $155,000. But you can absolutely put down less, sometimes as little as 3–5%. If you put down less than 20%, you will likely need to pay for private mortgage insurance (PMI). That's an extra monthly fee that protects the lender in case you can't make your payments. Currently, the typical home in the area lists for $775,000. This price has dropped slightly over the past year, down 1.3%. There are also more homes on the market now, with active listings up 21.4% from a year ago. It takes a little longer to sell a home these days, with properties staying on the market for 44 days on average. This is 11.4% longer than last year. For you, this could mean more options and a bit more time to make a decision. If you're looking to buy a home in Seattle, focus on finding a loan that fits your budget and understanding the total monthly cost, including any potential PMI.