Target Down Payment: $0
You can buy a home with as little as 3.5% down (FHA loans) or 5% down (Conventional). However, aiming for 20% is the gold standard because it allows you to avoid Private Mortgage Insurance (PMI). PMI is a monthly fee that protects the lender, not you. It can cost $100–$300 per month and provides you zero value.
Remember that your down payment is not the only cash you need. You will also need "Closing Costs" (lawyer fees, title insurance, taxes), which typically run an additional 1.5% to 4% of the purchase price. Make sure your savings goal includes this buffer.