Private MI: Helping millions of Americans become homeowners each year
Over the past 68 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 families become homeowners in 2024 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 2025 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
9,439 Homeowners Helped in 2024
55% First-Time Homebuyers in 2024
$290,781 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
55% First-Time Homebuyers in 2024
$290,781 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Alaska
1,095 Homeowners Helped in 2024
51% First-Time Homebuyers in 2024
$380,539 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
51% First-Time Homebuyers in 2024
$380,539 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Arizona
18,982 Homeowners Helped in 2024
58% First-Time Homebuyers in 2024
$431,138 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
58% First-Time Homebuyers in 2024
$431,138 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Arkansas
6,011 Homeowners Helped in 2024
54% First-Time Homebuyers in 2024
$288,378 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
54% First-Time Homebuyers in 2024
$288,378 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
California
43,285 Homeowners Helped in 2024
72% First-Time Homebuyers in 2024
$569,817 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
49 Years to Save for 20% Down payment VS 17 Years for 5% Down Payment
72% First-Time Homebuyers in 2024
$569,817 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
49 Years to Save for 20% Down payment VS 17 Years for 5% Down Payment
Colorado
17,220 Homeowners Helped in 2024
63% First-Time Homebuyers in 2024
$483,020 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
34 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
63% First-Time Homebuyers in 2024
$483,020 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
34 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
Connecticut
8,684 Homeowners Helped in 2024
76% First-Time Homebuyers in 2024
$349,270 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
76% First-Time Homebuyers in 2024
$349,270 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Delaware
2,878 Homeowners Helped in 2024
65% First-Time Homebuyers in 2024
$380,391 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
65% First-Time Homebuyers in 2024
$380,391 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
District of Columbia
1,268 Homeowners Helped in 2024
71% First-Time Homebuyers in 2024
$543,214 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
51 Years to Save for 20% Down payment VS 18 Years for 5% Down Payment
71% First-Time Homebuyers in 2024
$543,214 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
51 Years to Save for 20% Down payment VS 18 Years for 5% Down Payment
Florida
49,181 Homeowners Helped in 2024
59% First-Time Homebuyers in 2024
$396,155 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
59% First-Time Homebuyers in 2024
$396,155 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Georgia
24,784 Homeowners Helped in 2024
63% First-Time Homebuyers in 2024
$379,453 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
27 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
63% First-Time Homebuyers in 2024
$379,453 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
27 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Hawaii
1,324 Homeowners Helped in 2024
71% First-Time Homebuyers in 2024
$659,749 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
50 Years to Save for 20% Down payment VS 17 Years for 5% Down Payment
71% First-Time Homebuyers in 2024
$659,749 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
50 Years to Save for 20% Down payment VS 17 Years for 5% Down Payment
Idaho
4,729 Homeowners Helped in 2024
57% First-Time Homebuyers in 2024
$408,644 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
33 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
57% First-Time Homebuyers in 2024
$408,644 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
33 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
Illinois
38,448 Homeowners Helped in 2024
71% First-Time Homebuyers in 2024
$289,163 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
71% First-Time Homebuyers in 2024
$289,163 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Indiana
23,949 Homeowners Helped in 2024
66% First-Time Homebuyers in 2024
$254,958 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
66% First-Time Homebuyers in 2024
$254,958 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Iowa
9,509 Homeowners Helped in 2024
67% First-Time Homebuyers in 2024
$226,306 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
67% First-Time Homebuyers in 2024
$226,306 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
15 Years to Save for 20% Down payment VS 5 Years for 5% Down Payment
Kansas
7,576 Homeowners Helped in 2024
63% First-Time Homebuyers in 2024
$261,095 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
63% First-Time Homebuyers in 2024
$261,095 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Kentucky
9,522 Homeowners Helped in 2024
63% First-Time Homebuyers in 2024
$263,669 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
63% First-Time Homebuyers in 2024
$263,669 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Louisiana
6,581 Homeowners Helped in 2024
56% First-Time Homebuyers in 2024
$275,874 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
56% First-Time Homebuyers in 2024
$275,874 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
22 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Maine
2,667 Homeowners Helped in 2024
65% First-Time Homebuyers in 2024
$354,399 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
27 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
65% First-Time Homebuyers in 2024
$354,399 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
27 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Maryland
17,079 Homeowners Helped in 2024
67% First-Time Homebuyers in 2024
$406,338 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
67% First-Time Homebuyers in 2024
$406,338 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Massachusetts
11,830 Homeowners Helped in 2024
76% First-Time Homebuyers in 2024
$487,337 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
76% First-Time Homebuyers in 2024
$487,337 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Michigan
30,340 Homeowners Helped in 2024
68% First-Time Homebuyers in 2024
$263,636 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
68% First-Time Homebuyers in 2024
$263,636 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Minnesota
21,786 Homeowners Helped in 2024
69% First-Time Homebuyers in 2024
$319,557 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
69% First-Time Homebuyers in 2024
$319,557 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Mississippi
3,263 Homeowners Helped in 2024
53% First-Time Homebuyers in 2024
$267,589 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
53% First-Time Homebuyers in 2024
$267,589 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Missouri
18,610 Homeowners Helped in 2024
64% First-Time Homebuyers in 2024
$272,698 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
64% First-Time Homebuyers in 2024
$272,698 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Montana
1,753 Homeowners Helped in 2024
58% First-Time Homebuyers in 2024
$393,071 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
35 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
58% First-Time Homebuyers in 2024
$393,071 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
35 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
Nebraska
5,798 Homeowners Helped in 2024
68% First-Time Homebuyers in 2024
$261,978 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
68% First-Time Homebuyers in 2024
$261,978 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
17 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Nevada
8,190 Homeowners Helped in 2024
58% First-Time Homebuyers in 2024
$437,893 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
58% First-Time Homebuyers in 2024
$437,893 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
New Hampshire
3,455 Homeowners Helped in 2024
72% First-Time Homebuyers in 2024
$419,904 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
72% First-Time Homebuyers in 2024
$419,904 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
26 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
New Jersey
17,066 Homeowners Helped in 2024
77% First-Time Homebuyers in 2024
$447,838 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
30 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
77% First-Time Homebuyers in 2024
$447,838 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
30 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
New Mexico
3,847 Homeowners Helped in 2024
59% First-Time Homebuyers in 2024
$330,547 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
30 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
59% First-Time Homebuyers in 2024
$330,547 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
30 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
New York
21,130 Homeowners Helped in 2024
75% First-Time Homebuyers in 2024
$380,993 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
33 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
75% First-Time Homebuyers in 2024
$380,993 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
33 Years to Save for 20% Down payment VS 12 Years for 5% Down Payment
North Carolina
27,522 Homeowners Helped in 2024
61% First-Time Homebuyers in 2024
$367,088 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
61% First-Time Homebuyers in 2024
$367,088 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
North Dakota
1,414 Homeowners Helped in 2024
55% First-Time Homebuyers in 2024
$287,994 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
55% First-Time Homebuyers in 2024
$287,994 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Ohio
36,472 Homeowners Helped in 2024
68% First-Time Homebuyers in 2024
$252,713 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
68% First-Time Homebuyers in 2024
$252,713 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
18 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Oklahoma
8,025 Homeowners Helped in 2024
55% First-Time Homebuyers in 2024
$266,466 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
19 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
55% First-Time Homebuyers in 2024
$266,466 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
19 Years to Save for 20% Down payment VS 6 Years for 5% Down Payment
Oregon
9,558 Homeowners Helped in 2024
63% First-Time Homebuyers in 2024
$460,038 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
30 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
63% First-Time Homebuyers in 2024
$460,038 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
30 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
Pennsylvania
29,930 Homeowners Helped in 2024
69% First-Time Homebuyers in 2024
$298,822 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
69% First-Time Homebuyers in 2024
$298,822 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Rhode Island
1,899 Homeowners Helped in 2024
68% First-Time Homebuyers in 2024
$425,471 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
68% First-Time Homebuyers in 2024
$425,471 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
31 Years to Save for 20% Down payment VS 11 Years for 5% Down Payment
South Carolina
12,831 Homeowners Helped in 2024
55% First-Time Homebuyers in 2024
$335,404 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
55% First-Time Homebuyers in 2024
$335,404 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
29 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
South Dakota
2,097 Homeowners Helped in 2024
66% First-Time Homebuyers in 2024
$281,348 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
66% First-Time Homebuyers in 2024
$281,348 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
20 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Tennessee
15,871 Homeowners Helped in 2024
56% First-Time Homebuyers in 2024
$370,104 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
56% First-Time Homebuyers in 2024
$370,104 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Texas
67,033 Homeowners Helped in 2024
61% First-Time Homebuyers in 2024
$376,753 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
61% First-Time Homebuyers in 2024
$376,753 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
23 Years to Save for 20% Down payment VS 8 Years for 5% Down Payment
Utah
10,237 Homeowners Helped in 2024
59% First-Time Homebuyers in 2024
$478,648 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
30 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
59% First-Time Homebuyers in 2024
$478,648 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
30 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
Vermont
1,160 Homeowners Helped in 2024
68% First-Time Homebuyers in 2024
$324,880 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
68% First-Time Homebuyers in 2024
$324,880 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
25 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Virginia
19,473 Homeowners Helped in 2024
62% First-Time Homebuyers in 2024
$423,991 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
24 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
62% First-Time Homebuyers in 2024
$423,991 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
24 Years to Save for 20% Down payment VS 9 Years for 5% Down Payment
Washington
17,163 Homeowners Helped in 2024
66% First-Time Homebuyers in 2024
$509,548 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
37 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
66% First-Time Homebuyers in 2024
$509,548 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
37 Years to Save for 20% Down payment VS 13 Years for 5% Down Payment
West Virginia
2,714 Homeowners Helped in 2024
59% First-Time Homebuyers in 2024
$240,933 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
59% First-Time Homebuyers in 2024
$240,933 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Wisconsin
17,212 Homeowners Helped in 2024
73% First-Time Homebuyers in 2024
$278,848 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
73% First-Time Homebuyers in 2024
$278,848 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
21 Years to Save for 20% Down payment VS 7 Years for 5% Down Payment
Wyoming
1,099 Homeowners Helped in 2024
51% First-Time Homebuyers in 2024
$339,808 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
51% First-Time Homebuyers in 2024
$339,808 Avg. Loan Amount Purchased/Refinanced with PMI in 2024
28 Years to Save for 20% Down payment VS 10 Years for 5% Down Payment
