This is what happened to down payments on Whatcom homes during COVID
A new study shows that home buyers in the Bellingham metropolitan area paid bigger down payments during the pandemic than usual, according to Construction Coverage, a company that provides reviews and research on the construction, auto and real estate industries.
The median down payment in Whatcom County increased by 50% from 2019 to 2021 — an increase of about $40,000.
Whatcom County home buyers made a median down payment of $80,000 in 2019. That shot up to $120,000 in 2021.
The median down payment nationally saw a 20% increase, the study shows.
Washington saw the 10th largest percent increase in the nation, with median down payments increasing by about 33% from 2019 to 2021 — an increase of about $30,000.
Bigger down payments became more common in some parts of the country than in others. Idaho, Montana and Utah were the top three states with the largest percent increase in down payment size, according to the study.
Idaho saw the largest median down payment increase during the pandemic — about 67%. Though, because home prices were lower in Idaho than in some other states, the dollar increase amounted to about the same as what was seen in Whatcom County.
Compare Whatcom County’s 50% increase to other areas in Washington:
▪ Olympia-Lacey-Tumwater: 67%.
▪ Longview: 50%.
▪ Yakima: 50%.
▪ Kennewick-Richland: 40%.
▪ Spokane-Spokane Valley: 40%.
▪ Bremerton-Silverdale-Port Orchard: 38%.
▪ Mount Vernon-Anacortes: 38%.
▪ Wenatchee: 38%.
▪ Seattle-Tacoma-Bellevue: 27%.
▪ Vancouver: 25%.
