Over 64,000 households in Texas utilized private mortgage insurance last year, making it the state with the most PMI users in the country for the ninth-straight year, according to a report from United States Mortgage Insurers.

PMI — which protects lenders on mortgage loans where the down payment is less than 20% and as low as 3% — allowed Texas buyers to save an average of $51,645 at closing in 2025. That’s about the cost of a new car or a full kitchen and bath remodel, USMI said.

Among Texans who used PMI last year, 58% were first-time homebuyers, highlighting the growing financial barrier to homeownership in the state.

Given the statewide median household income of $81,490, it can take 21 years to save for a down payment on a median-priced home. With a 3% down payment, that wait time can decrease by over 15 years.

“Homeownership has been a cornerstone of the American Dream for 250 years, and private mortgage insurance puts that dream within reach for hundreds of thousands of households nationwide,” USMI President Seth Appleton said in a press release. “This new report demonstrates the tremendous savings that private MI provides to Texas families and underscores that it is a powerful financial tool that allows families to unlock homeownership years or even decades sooner than would otherwise be possible.”