Mar 13 2018 25821 1

Dated: 03/13/2018

Views: 13

You Can Save for a Down Payment Faster Than You Think!

You Can Save for a Down Payment Faster Than You Think! | Keeping Current Matters

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.

Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.

By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.

According to the data, residents in Ohio can save for a down payment the quickest in just under 3 years (2.44). Below is a map that was created using the data for each state:

You Can Save for a Down Payment Faster Than You Think! | Keeping Current Matters

What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3%-down programs? Suddenly, saving for a down payment no longer takes 5 or 10 years, but becomes possible in a year or two in many states as shown on the map below.

You Can Save for a Down Payment Faster Than You Think! | Keeping Current Matters

Bottom Line

Whether you have just begun to save for a down payment, or have been saving for years, you may be closer to your dream home than you think! Meet with a local real estate professional who can help you evaluate your ability to buy today.


Source: Keeping Current Matters

Want to Advertise on this Site?

Latest Blog Posts

May 20 2018 54936 1

We all LOVE to talk about our favorite features in a home and the top trends. But can we take a moment to go over the things your home decor can live without? Check out this list from The Spruce

Read More

Guess What

Open House This Saturday from 12-4pm! Stop by 12756 Sierra Creek Drive Riverside CA 92503 and tour this beautiful home!View the

Read More

May 16 2018 21170 1

Down Payment Assistance Programs:8 Down Payment Assistance Programs To Finance Your First Home.There are 8 unique down payment assistance programs to finance your first home. Despite having decent

Read More

12756 Sierra Creek Drive

JUST LISTED12756 SIERRA CREEK DRIVE RIVERSIDE CA 925035 BEDROOMS| 4.5 BATHROOMS| 4314 SQFT| RV PARKING| OPEN HOUSE THIS SATURDAY 5/12 11-3PMView the

Read More