Gen Z down payments lag every other generation across 50 largest US metros
Boston, at $101,250, is the only metro outside California where the median exceeds $100,000.
The lowest-cost markets tell a different story. San Antonio, Oklahoma City, and Memphis each sit at a median $33,750, with no generation planning more than $45,000. Seven more metros – including Louisville, Ky., and Virginia Beach, Va. (both $36,250) – fall below $40,000.
Down payments as a share of purchase price also cluster by market size. New York, Los Angeles, and Chicago are among 11 metros where the median down payment hits 20%. Eight markets – including San Antonio, Oklahoma City, and Memphis – sit at 10%. The remaining 31 metros land at 15%.
What this means for originators
LendingTree’s chief consumer finance analyst, Matt Schulz, says the data reflects structural pressures more than preferences.
“The size of a down payment often tells the story of today’s housing market,” Schulz said. “Younger buyers aren’t necessarily putting less down because they want to. Many are balancing high home prices, elevated rates and years of inflation that have made it harder to build savings.”
