Research shows Oregon, Washington among worst states for first-time homebuyers
PORTLAND, Ore. (KOIN) — Oregon and Washington are both among the top 10 worst states for first-time homebuyers in the U.S., new research provided by the finance information site Moneywise.com shows.
The research ranks all 50 states based on median home prices on Zillow and an average down payment percentage of 13%, according to the National Association of Realtors. Based on this data, Oregon’s median home value is $502,215, resulting in an average down payment of $65,287.95
The problem is widespread across much of the Western U.S. with California, Colorado, Hawaii, Idaho, Nevado, Oregon, Utah and Washington all making the top 10 list of states where first-time home buyers require the biggest down payment. New Jersey and Massachusetts are the other two states to make the list.
Coming in at number seven, Oregon is sandwiched between Utah and Idaho, where the average down payment for a home is $70,832.84 and $60,636.55, respectively. Washington ranks third on the list with a median home value of $595,732 and an average down payment of $77,445.16.
According to the report, Hawaii and California are the top two worst states for first-time home buyers.
See the chart below for the complete details.
| States | Median Value (Zillow) | Average Down Payment (13%) |
| Hawaii | $848,926 | $110,360.38 |
| California | $760,800 | $98,904.00 |
| Washington | $595,732 | $77,445.16 |
| Colorado | $559,838 | $72,778.94 |
| Massachusetts | $559,312 | $72,710.56 |
| Utah | $544,868 | $70,832.84 |
| Oregon | $502,215 | $65,287.95 |
| Idaho | $466,435 | $60,636.55 |
| New Jersey | $441,762 | $57,429.06 |
| Nevada | $434,832 | $56,528.16 |