The average downpayment for an American home hit 16.9% in October 2023, equating to roughly $89,913, reported CoreLogic.

That’s an all-time high, according to the real estate intelligence company’s records. Downpayment amounts fell during the subprime housing crisis and Great Recession, but had been on a gradual incline since. That is, until the COVID-era housing boom; with downpayments sharply correlated to housing prices, they shot up significantly in lockstep with the significant appreciation the market has seen in the last few years.

Average downpayments rose above $80,000 in April 2023 and haven’t looked back since. In fact, downpayments held steadily above $87,000 from July through November last year before receding as home prices began to decline to close the year. By December, the average downpayment dropped to 16.1%, equating to some $84,178, per CoreLogic.

Average downpayments have increased year over year across all price tiers. In December, the average downpayment for homes in the lowest price range (less than 75% of the median sales price) was $29,987, up from $27,011 in the same month one year prior. That’s an 11% annual gain in downpayments for low-tier homes, highest among price tiers — potentially bad news for first-time homebuyers looking for starter homes.

In contrast, mid-tier homes, priced between 75% and 125% of the median sales price, was $143,681 in December, up from $133,340 year over year. That’s an increase of just 6% year to year. The average down for high-tier homes, priced at more than 125% of the median sales price, was $143,681 in December 2023 and $133,340 in December 2022, up 8%.

Downpayment percentage was highest in the pricey Bay Area, with San Francisco, at 29% of the home price, and San Jose, at 28%, leading the nation. Also expensive Anaheim, nestled in California’s affluent Orange County, was next at 27%, followed by Naples, Florida (27%) and New York (26%).