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Key Takeaways
- Those under age 35 had a median transaction account balance of $5,400 as of 2022 and an average balance of $21,000. Those in the 35-44 range had a median of $7,500 and an average of $42,000. Those in the 45-54 range had a median of $9,000 and an average of $71,000.
- The average down payment on a home in the U.S. is around $60,000, as of the third quarter of 2025.
- If you’re looking to buy a home in your 30s or 40s, you can boost your savings by seeking out down payment assistance, strategically paying down debt, and by dipping into retirement accounts, when possible.
If you’re thinking of buying a home, one of the first things you’ll need to know is how much cash you have available for your down payment, closing costs, and other expenses.
To determine whether you’re on track, it’s helpful to get a sense of where other savers are. Below, we’ll explore the average and median savings account balances of 30-somethings and 40-somethings so you can see how your situation compares.
What The Typical Person Has Saved in Their 30s and 40s
How much do most people in the U.S. have saved in their 30s and 40s? The Federal Reserve’s Survey of Consumer Finances can answer this question.
| Median Transaction Account Balances by Age | ||||||
|---|---|---|---|---|---|---|
| Under 35 | 35-44 | 45-54 | 55-64 | 65-74 | 75 or older | |
| 2013 | $2,800 | $4,840 | $5,090 | $6,360 | $8,910 | $8,910 |
| 2016 | $3,150 | $4,690 | $5,010 | $6,620 | $9,870 | $12,330 |
| 2019 | $3,760 | $5,460 | $7,420 | $6,520 | $9,270 | $10,780 |
| 2022 | $5,400 | $7,500 | $8,700 | $8,000 | $13,400 | $10,000 |
Each figure in the tables represent transaction accounts (including savings accounts, checking accounts, money market accounts, brokerage cash accounts, and prepaid debit cards) for survey respondents in 2022 dollars.
| Average Transaction Account Balances by Age | ||||||
|---|---|---|---|---|---|---|
| Under 35 | 35-44 | 45-54 | 55-64 | 65-74 | 75 or older | |
| 2013 | $12,830 | $36,920 | $39,370 | $67,830 | $69,800 | $65,420 |
| 2016 | $11,830 | $30,820 | $50,040 | $70,570 | $83,470 | $63,440 |
| 2019 | $13,040 | $32,360 | $55,880 | $66,850 | $70,030 | $64,130 |
| 2022 | $20,540 | $41,540 | $71,180 | $72,520 | $100,250 | $82,800 |
While the Survey of Consumer Finances doesn’t provide detailed information about respondents’ account balances at either age 30 or 40, we can get a sense of the discrepancy in savings balances between individuals under age 35 and those in the 35-44 range. As of 2022, those two groups had median transaction account balances of $5,400 and $7,500, respectively, and average transaction account balances of $20,540 and $41,540, respectively.
Can Most People Afford a Down Payment and Closing Costs?
Looking at the median figures above (and some of the average figures, too), a down payment appears to be out of reach for many Americans—to say nothing of all of the other costs involved in the home-buying process. Typical closing costs, for example, range from 3% to 6% of the purchase price.
The median sales price of homes sold in the U.S. was $410,800 as of the second quarter of 2025. The average down payment on a home was 14.4% as of the third quarter of 2025, according to realtor.com. Using this data, the average down payment for the median-priced house would be $59,000, and the typical closing costs for the median-priced house would be between $12,320 and $24,650.
Important
Even the smallest down payment allowed—3%, which is only possible for first-time homebuyers—would be more than $12,000 based on the median home price in the U.S. And that is still well beyond the median transaction account savings of those under 65.
Boost Your Savings to Buy a Home
High prices and high interest rates can make buying a home very challenging.
If you’re looking to bulk up your savings ahead of a potential purchase, consider using a high-yield savings account. This will help you save faster, as these accounts have higher interest rates. You can also look into down payment assistance programs through your employer, your local government, or independent organizations. It’s also a good idea to strategically pay down debt.
You might even consider dipping into retirement savings to help fund a home purchase—as a first-time homebuyer, you can withdraw up to $10,000 from your individual retirement account (IRA). Another option is borrowing from your 401(k) account. Or you could withdraw what you’ve contributed to a Roth IRA.
However, each of these options comes with drawbacks and things to consider. Take your time, and reach out for help if you need it.
