Most Americans who want to buy a home next year can't afford a 20% down payment

• Most Americans who plan to buy a home next year can't afford a down payment, according to Zillow.
• The median prospective homebuyer has a total of $29,000 in all accounts — enough for an 8% down payment. 
• There aren't enough homes on the market for everyone who wants to buy one, Zillow said.

Many Americans who want to buy a home can't afford a typical down payment of 20%.

The median prospective homebuyer has a total of $29,000 in their savings, checking, investments and retirement accounts, according to Zillow's 2023 Consumer Housing Trends Report. This amounts to 8% of the typical cost of a home, which Zillow estimated cost nearly $350,000 as of July 31.