Private MI: Helping millions of Americans become homeowners each year
Over the past 67 years, MI has helped nearly 40 million home-ready borrowers across the country access affordable low down payment home financing while protecting lenders and taxpayers.
Private MI helped more than 800,000 people become homeowners in 2023 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 2024 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
9,642 Homeowners Helped in 2023
52% First-Time Homebuyers in 2023
$281,849 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
52% First-Time Homebuyers in 2023
$281,849 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Alaska
994 Homeowners Helped in 2023
53% First-Time Homebuyers in 2023
$350,626 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
53% First-Time Homebuyers in 2023
$350,626 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Arizona
19,674 Homeowners Helped in 2023
57% First-Time Homebuyers in 2023
$$408,112 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
32 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
57% First-Time Homebuyers in 2023
$$408,112 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
32 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Arkansas
5,592 Homeowners Helped in 2023
53% First-Time Homebuyers in 2023
$271,055 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
53% First-Time Homebuyers in 2023
$271,055 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
California
42,920 Homeowners Helped in 2023
72% First-Time Homebuyers in 2023
$541,529 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
49 Years to Save for 20% Down payment VS 17 Years for 5% Down Payment
72% First-Time Homebuyers in 2023
$541,529 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
49 Years to Save for 20% Down payment VS 17 Years for 5% Down Payment
Colorado
17,215 Homeowners Helped in 2023
63% First-Time Homebuyers in 2023
$467,162 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
36 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
63% First-Time Homebuyers in 2023
$467,162 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
36 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
Connecticut
7,863 Homeowners Helped in 2023
74% First-Time Homebuyers in 2023
$317,075 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
74% First-Time Homebuyers in 2023
$317,075 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Delaware
2,645 Homeowners Helped in 2023
61% First-Time Homebuyers in 2023
$354,774 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
61% First-Time Homebuyers in 2023
$354,774 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
District of Columbia
1,328 Homeowners Helped in 2023
68% First-Time Homebuyers in 2023
$521,721 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
52 Years to Save for 20% Down payment VS 18 Years for 5% Down Payment
68% First-Time Homebuyers in 2023
$521,721 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
52 Years to Save for 20% Down payment VS 18 Years for 5% Down Payment
Florida
54,190 Homeowners Helped in 2023
58% First-Time Homebuyers in 2023
$377,593 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
34 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
58% First-Time Homebuyers in 2023
$377,593 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
34 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
Georgia
26,389 Homeowners Helped in 2023
62% First-Time Homebuyers in 2023
$360,381 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
62% First-Time Homebuyers in 2023
$360,381 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Hawaii
1,219 Homeowners Helped in 2023
69% First-Time Homebuyers in 2023
$610,180 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
51 Years to Save for 20% Down payment VS 18 Years for 5% Down Payment
69% First-Time Homebuyers in 2023
$610,180 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
51 Years to Save for 20% Down payment VS 18 Years for 5% Down Payment
Idaho
4,644 Homeowners Helped in 2023
59% First-Time Homebuyers in 2023
$389,093 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
33 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
59% First-Time Homebuyers in 2023
$389,093 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
33 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Illinois
36,589 Homeowners Helped in 2023
71% First-Time Homebuyers in 2023
$265,728 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
71% First-Time Homebuyers in 2023
$265,728 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Indiana
21,983 Homeowners Helped in 2023
64% First-Time Homebuyers in 2023
$243,848 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
64% First-Time Homebuyers in 2023
$243,848 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Iowa
8,775 Homeowners Helped in 2023
64% First-Time Homebuyers in 2023
$216,963 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
64% First-Time Homebuyers in 2023
$216,963 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
Kansas
7,313 Homeowners Helped in 2023
62% First-Time Homebuyers in 2023
$248,187 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
62% First-Time Homebuyers in 2023
$248,187 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Kentucky
8,151 Homeowners Helped in 2023
58% First-Time Homebuyers in 2023
$252102 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
58% First-Time Homebuyers in 2023
$252102 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Louisiana
6,777 Homeowners Helped in 2023
54% First-Time Homebuyers in 2023
$268,173 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
54% First-Time Homebuyers in 2023
$268,173 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Maine
2,294 Homeowners Helped in 2023
65% First-Time Homebuyers in 2023
$318,908 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
65% First-Time Homebuyers in 2023
$318,908 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Maryland
16,544 Homeowners Helped in 2023
67% First-Time Homebuyers in 2023
$385,463 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
67% First-Time Homebuyers in 2023
$385,463 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Massachusetts
9,920 Homeowners Helped in 2023
75% First-Time Homebuyers in 2023
$448,231 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
33 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
75% First-Time Homebuyers in 2023
$448,231 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
33 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
Michigan
28,987 Homeowners Helped in 2023
67% First-Time Homebuyers in 2023
$246,641 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
67% First-Time Homebuyers in 2023
$246,641 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Minnesota
20,268 Homeowners Helped in 2023
69% First-Time Homebuyers in 2023
$307,113 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
69% First-Time Homebuyers in 2023
$307,113 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Mississippi
3,257 Homeowners Helped in 2023
50% First-Time Homebuyers in 2023
$263,363 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
50% First-Time Homebuyers in 2023
$263,363 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Missouri
17,481 Homeowners Helped in 2023
62% First-Time Homebuyers in 2023
$256,599 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
62% First-Time Homebuyers in 2023
$256,599 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Montana
1,781 Homeowners Helped in 2023
58% First-Time Homebuyers in 2023
$374,469 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
36 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
58% First-Time Homebuyers in 2023
$374,469 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
36 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
Nebraska
5,441 Homeowners Helped in 2023
67% First-Time Homebuyers in 2023
$251,387 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
67% First-Time Homebuyers in 2023
$251,387 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Nevada
8,217 Homeowners Helped in 2023
60% First-Time Homebuyers in 2023
$407,036 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
33 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
60% First-Time Homebuyers in 2023
$407,036 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
33 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
New Hampshire
3,037 Homeowners Helped in 2023
69% First-Time Homebuyers in 2023
$384,187 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
69% First-Time Homebuyers in 2023
$384,187 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
New Jersey
16,252 Homeowners Helped in 2023
74% First-Time Homebuyers in 2023
$403,686 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
27 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
74% First-Time Homebuyers in 2023
$403,686 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
27 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
New Mexico
3,759 Homeowners Helped in 2023
55% First-Time Homebuyers in 2023
$316,837 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
32 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
55% First-Time Homebuyers in 2023
$316,837 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
32 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
New York
18,890 Homeowners Helped in 2023
73% First-Time Homebuyers in 2023
$357,460 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
32 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
73% First-Time Homebuyers in 2023
$357,460 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
32 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
North Carolina
27,012 Homeowners Helped in 2023
60% First-Time Homebuyers in 2023
$351,098 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
30 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
60% First-Time Homebuyers in 2023
$351,098 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
30 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
North Dakota
1,360 Homeowners Helped in 2023
55% First-Time Homebuyers in 2023
$270,007 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
55% First-Time Homebuyers in 2023
$270,007 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Ohio
33,649 Homeowners Helped in 2023
67% First-Time Homebuyers in 2023
$233,817 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
67% First-Time Homebuyers in 2023
$233,817 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Oklahoma
7,942 Homeowners Helped in 2023
53% First-Time Homebuyers in 2023
$258,997 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
53% First-Time Homebuyers in 2023
$258,997 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
19 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Oregon
9,194 Homeowners Helped in 2023
63% First-Time Homebuyers in 2023
$438,745 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
30 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
63% First-Time Homebuyers in 2023
$438,745 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
30 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Pennsylvania
28,649 Homeowners Helped in 2023
68% First-Time Homebuyers in 2023
$279,795 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
68% First-Time Homebuyers in 2023
$279,795 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Rhode Island
1,775 Homeowners Helped in 2023
69% First-Time Homebuyers in 2023
$372,618 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
69% First-Time Homebuyers in 2023
$372,618 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
South Carolina
13,006 Homeowners Helped in 2023
54% First-Time Homebuyers in 2023
$318,775 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
54% First-Time Homebuyers in 2023
$318,775 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
South Dakota
1,945 Homeowners Helped in 2023
63% First-Time Homebuyers in 2023
$271,140 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
63% First-Time Homebuyers in 2023
$271,140 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Tennessee
15,742 Homeowners Helped in 2023
55% First-Time Homebuyers in 2023
$350,928 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
55% First-Time Homebuyers in 2023
$350,928 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Texas
70,446 Homeowners Helped in 2023
62% First-Time Homebuyers in 2023
$365,319 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
62% First-Time Homebuyers in 2023
$365,319 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
24 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Utah
9,670 Homeowners Helped in 2023
59% First-Time Homebuyers in 2023
$452,366 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
30 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
59% First-Time Homebuyers in 2023
$452,366 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
30 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Vermont
987 Homeowners Helped in 2023
68% First-Time Homebuyers in 2023
$306,746 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
68% First-Time Homebuyers in 2023
$306,746 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Virginia
19,335 Homeowners Helped in 2023
62% First-Time Homebuyers in 2023
$395,449 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
62% First-Time Homebuyers in 2023
$395,449 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Washington
17,039 Homeowners Helped in 2023
66% First-Time Homebuyers in 2023
$489,304 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
35 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
66% First-Time Homebuyers in 2023
$489,304 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
35 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
West Virginia
2,548 Homeowners Helped in 2023
56% First-Time Homebuyers in 2023
$226,686 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
56% First-Time Homebuyers in 2023
$226,686 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Wisconsin
14,549 Homeowners Helped in 2023
72% First-Time Homebuyers in 2023
$260,971 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
72% First-Time Homebuyers in 2023
$260,971 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Wyoming
964 Homeowners Helped in 2023
49% First-Time Homebuyers in 2023
$324,118 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
30 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
49% First-Time Homebuyers in 2023
$324,118 Avg. Loan Amount Purchased/Refinanced with PMI in 2023
30 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
