Comment by vel0city

> but you put 20% in the down payment

The median isn't even 20%, it is a bit less than that. Median first-time home buyers put only 9% down. Even the median repeat buyer, who just sold a house and had probably been paying mortgage payments for a while, only put 23% down.

https://www.nerdwallet.com/article/mortgages/average-down-pa...

But you are right though, a 3.7% drop probably wouldn't put even most first-time home buyers underwater.