Should You Put 20% Down on Your Next South Florida Home?

If you’re planning to buy your next home in South Florida, you’ve likely heard the traditional advice to put 20% down. While 20% isn’t required for many loan programs, repeat buyers often choose a larger down payment because they have something first-time buyers typically don’t: equity from their current home.

According to the National Association of Realtors (NAR), the typical repeat buyer puts about 23% down. For homeowners across Miami-Dade, Broward, Palm Beach, and the Florida Keys, years of homeownership may have built substantial equity that could help fund the next purchase.

Why Put 20% Down?

A larger down payment may mean:

• A lower monthly mortgage payment
• Less interest paid over time
• No PMI on many conventional loans
• A stronger offer when competing for a home

Putting 20% down isn’t the best choice for every buyer. The right amount depends on your equity, cash reserves, financing, and future plans.

Thinking about selling and buying your next South Florida home? Let’s review your current home’s value and see how your equity could help make your next move possible.