Private MI: Helping millions of Americans become homeowners each year
Over the past 66 years, MI has helped more than 38 million home-ready borrowers across the country access affordable low down payment home financing while protecting lenders and taxpayers.
Private MI helped over 1 million people become homeowners in 2022 alone. USMI’s annual report breaks down low down payment mortgage lending with MI in all 50 states and the District of Columbia. The report provides an analysis of how long it would take homebuyers to save for a 20 percent down payment compared to a 5 percent down payment.
Click below to read the 2023 report:
Click on the map below to find out more about MI in each state and how MI has made it possible for many borrowers to get into homes sooner.
Alabama
13,703 Homeowners Helped in 2022
48% First-Time Homebuyers in 2022
$280,070 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
30 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
48% First-Time Homebuyers in 2022
$280,070 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
30 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Alaska
1,720 Homeowners Helped in 2022
52% First-Time Homebuyers in 2022
$348,535 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
52% First-Time Homebuyers in 2022
$348,535 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Arizona
28,804 Homeowners Helped in 2022
58% First-Time Homebuyers in 2022
$397,374 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
41 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
58% First-Time Homebuyers in 2022
$397,374 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
41 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
Arkansas
7,673 Homeowners Helped in 2022
49% First-Time Homebuyers in 2022
$259,375 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
49% First-Time Homebuyers in 2022
$259,375 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
California
67,003 Homeowners Helped in 2022
72% First-Time Homebuyers in 2022
$522,324 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
61 Years to Save for 20% Down payment VS 21 Years for 5% Down Payment
72% First-Time Homebuyers in 2022
$522,324 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
61 Years to Save for 20% Down payment VS 21 Years for 5% Down Payment
Colorado
25,107 Homeowners Helped in 2022
63% First-Time Homebuyers in 2022
$451,988 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
47 Years to Save for 20% Down payment VS 16 Years for 5% Down Payment
63% First-Time Homebuyers in 2022
$451,988 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
47 Years to Save for 20% Down payment VS 16 Years for 5% Down Payment
Connecticut
10,839 Homeowners Helped in 2022
71% First-Time Homebuyers in 2022
$306,575 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
32 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
71% First-Time Homebuyers in 2022
$306,575 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
32 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Delaware
3,974 Homeowners Helped in 2022
56% First-Time Homebuyers in 2022
$346,037 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
34 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
56% First-Time Homebuyers in 2022
$346,037 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
34 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
District of Columbia
2,123 Homeowners Helped in 2022
71% First-Time Homebuyers in 2022
$491,161 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
83 Years to Save for 20% Down payment VS 29 Years for 5% Down Payment
71% First-Time Homebuyers in 2022
$491,161 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
83 Years to Save for 20% Down payment VS 29 Years for 5% Down Payment
Florida
76,451 Homeowners Helped in 2022
57% First-Time Homebuyers in 2022
$353,578 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
45 Years to Save for 20% Down payment VS 16 Years for 5% Down Payment
57% First-Time Homebuyers in 2022
$353,578 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
45 Years to Save for 20% Down payment VS 16 Years for 5% Down Payment
Georgia
38,571 Homeowners Helped in 2022
59% First-Time Homebuyers in 2022
$347,237 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
38 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
59% First-Time Homebuyers in 2022
$347,237 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
38 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
Hawaii
2,022 Homeowners Helped in 2022
68% First-Time Homebuyers in 2022
$569,913 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
70 Years to Save for 20% Down payment VS 24 Years for 5% Down Payment
68% First-Time Homebuyers in 2022
$569,913 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
70 Years to Save for 20% Down payment VS 24 Years for 5% Down Payment
Idaho
5,472 Homeowners Helped in 2022
58% First-Time Homebuyers in 2022
$390,740 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
39 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
58% First-Time Homebuyers in 2022
$390,740 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
39 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
Illinois
48,168 Homeowners Helped in 2022
67% First-Time Homebuyers in 2022
$265,655 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
67% First-Time Homebuyers in 2022
$265,655 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Indiana
26,755 Homeowners Helped in 2022
60% First-Time Homebuyers in 2022
$246,361 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
60% First-Time Homebuyers in 2022
$246,361 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Iowa
9,629 Homeowners Helped in 2022
62% First-Time Homebuyers in 2022
$213,046 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
62% First-Time Homebuyers in 2022
$213,046 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Kansas
9,110 Homeowners Helped in 2022
58% First-Time Homebuyers in 2022
$249,676 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
58% First-Time Homebuyers in 2022
$249,676 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Kentucky
11,599 Homeowners Helped in 2022
56% First-Time Homebuyers in 2022
$248,071 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
56% First-Time Homebuyers in 2022
$248,071 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Louisiana
11,791 Homeowners Helped in 2022
49% First-Time Homebuyers in 2022
$274,487 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
49% First-Time Homebuyers in 2022
$274,487 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Maine
2,953 Homeowners Helped in 2022
59% First-Time Homebuyers in 2022
$313,121 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
59% First-Time Homebuyers in 2022
$313,121 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Maryland
24,357 Homeowners Helped in 2022
63% First-Time Homebuyers in 2022
$377,603 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
63% First-Time Homebuyers in 2022
$377,603 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Massachusetts
13,211 Homeowners Helped in 2022
72% First-Time Homebuyers in 2022
$430,700 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
42 Years to Save for 20% Down payment VS 15 Years for 5% Down Payment
72% First-Time Homebuyers in 2022
$430,700 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
42 Years to Save for 20% Down payment VS 15 Years for 5% Down Payment
Michigan
37,103 Homeowners Helped in 2022
63% First-Time Homebuyers in 2022
$245,727 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
63% First-Time Homebuyers in 2022
$245,727 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Minnesota
26,618 Homeowners Helped in 2022
67% First-Time Homebuyers in 2022
$306,187 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
27 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
67% First-Time Homebuyers in 2022
$306,187 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
27 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Mississippi
5,046 Homeowners Helped in 2022
47% First-Time Homebuyers in 2022
$259,103 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
34 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
47% First-Time Homebuyers in 2022
$259,103 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
34 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
Missouri
21,802 Homeowners Helped in 2022
58% First-Time Homebuyers in 2022
$252,710 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
58% First-Time Homebuyers in 2022
$252,710 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Montana
2,685 Homeowners Helped in 2022
52% First-Time Homebuyers in 2022
$354,230 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
49 Years to Save for 20% Down payment VS 17 Years for 5% Down Payment
52% First-Time Homebuyers in 2022
$354,230 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
49 Years to Save for 20% Down payment VS 17 Years for 5% Down Payment
Nebraska
7,270 Homeowners Helped in 2022
63% First-Time Homebuyers in 2022
$246,018 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
63% First-Time Homebuyers in 2022
$246,018 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Nevada
12,080 Homeowners Helped in 2022
61% First-Time Homebuyers in 2022
$402,019 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
46 Years to Save for 20% Down payment VS 16 Years for 5% Down Payment
61% First-Time Homebuyers in 2022
$402,019 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
46 Years to Save for 20% Down payment VS 16 Years for 5% Down Payment
New Hampshire
3,974 Homeowners Helped in 2022
65% First-Time Homebuyers in 2022
$363,447 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
65% First-Time Homebuyers in 2022
$363,447 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
New Jersey
23,777 Homeowners Helped in 2022
72% First-Time Homebuyers in 2022
$382,995 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
33 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
72% First-Time Homebuyers in 2022
$382,995 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
33 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
New Mexico
5,636 Homeowners Helped in 2022
56% First-Time Homebuyers in 2022
$293,190 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
40 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
56% First-Time Homebuyers in 2022
$293,190 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
40 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
New York
26,111 Homeowners Helped in 2022
72% First-Time Homebuyers in 2022
$359,769 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
36 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
72% First-Time Homebuyers in 2022
$359,769 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
36 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
North Carolina
37,425 Homeowners Helped in 2022
58% First-Time Homebuyers in 2022
$338,724 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
36 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
58% First-Time Homebuyers in 2022
$338,724 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
36 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
North Dakota
2,085 Homeowners Helped in 2022
49% First-Time Homebuyers in 2022
$270,843 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
49% First-Time Homebuyers in 2022
$270,843 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Ohio
40,515 Homeowners Helped in 2022
62% First-Time Homebuyers in 2022
$232,278 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
62% First-Time Homebuyers in 2022
$232,278 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Oklahoma
11,717 Homeowners Helped in 2022
49% First-Time Homebuyers in 2022
$257,216 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
49% First-Time Homebuyers in 2022
$257,216 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Oregon
14,526 Homeowners Helped in 2022
64% First-Time Homebuyers in 2022
$429,386 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
40 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
64% First-Time Homebuyers in 2022
$429,386 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
40 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
Pennsylvania
38,290 Homeowners Helped in 2022
65% First-Time Homebuyers in 2022
$275,987 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
65% First-Time Homebuyers in 2022
$275,987 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Rhode Island
2,521 Homeowners Helped in 2022
65% First-Time Homebuyers in 2022
$350,703 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
37 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
65% First-Time Homebuyers in 2022
$350,703 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
37 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
South Carolina
18,612 Homeowners Helped in 2022
52% First-Time Homebuyers in 2022
$306,308 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
39 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
52% First-Time Homebuyers in 2022
$306,308 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
39 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
South Dakota
2,876 Homeowners Helped in 2022
60% First-Time Homebuyers in 2022
$272,416 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
60% First-Time Homebuyers in 2022
$272,416 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Tennessee
22,277 Homeowners Helped in 2022
53% First-Time Homebuyers in 2022
$340,334 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
38 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
53% First-Time Homebuyers in 2022
$340,334 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
38 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
Texas
99,925 Homeowners Helped in 2022
62% First-Time Homebuyers in 2022
$349,535 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
34 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
62% First-Time Homebuyers in 2022
$349,535 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
34 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
Utah
14,252 Homeowners Helped in 2022
57% First-Time Homebuyers in 2022
$451,723 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
43 Years to Save for 20% Down payment VS 15 Years for 5% Down Payment
57% First-Time Homebuyers in 2022
$451,723 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
43 Years to Save for 20% Down payment VS 15 Years for 5% Down Payment
Vermont
1,171 Homeowners Helped in 2022
59% First-Time Homebuyers in 2022
$301,114 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
59% First-Time Homebuyers in 2022
$301,114 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Virginia
29,619 Homeowners Helped in 2022
61% First-Time Homebuyers in 2022
$378,204 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
33 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
61% First-Time Homebuyers in 2022
$378,204 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
33 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Washington
25,144 Homeowners Helped in 2022
67% First-Time Homebuyers in 2022
$480,534 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
44 Years to Save for 20% Down payment VS 15 Years for 5% Down Payment
67% First-Time Homebuyers in 2022
$480,534 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
44 Years to Save for 20% Down payment VS 15 Years for 5% Down Payment
West Virginia
3,386 Homeowners Helped in 2022
54% First-Time Homebuyers in 2022
$225,525 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
41 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
54% First-Time Homebuyers in 2022
$225,525 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
41 Years to Save for 20% Down payment VS 14 Years for 5% Down Payment
Wisconsin
18,536 Homeowners Helped in 2022
67% First-Time Homebuyers in 2022
$255,232 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
67% First-Time Homebuyers in 2022
$255,232 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Wyoming
1,670 Homeowners Helped in 2022
44% First-Time Homebuyers in 2022
$310,590 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
44% First-Time Homebuyers in 2022
$310,590 Avg. Loan Amount Purchased/Refinanced with PMI in 2022
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
