( NewsNation ) — Homebuyers are putting down more money than ever to soften the blow of high mortgage rates , and in some cities, $400,000 down payments are now the norm.
The typical down payment for U.S. homebuyers hit a record $67,500 in June, nearly 15% higher than a year earlier, according to a new Redfin analysis . That jump significantly outpaced the rise in home prices, which went up 4% year over year.
In several California cities, buyers are putting down much more. San Jose ($451,500) and San Francisco ($441,500) had the highest median down payments in the country. Anaheim ($300,000) ranked third, and Oakland ($195,000) ranked sixth…