You Can Save For A Down Payment Faster Than You Think

Dated: 03/13/2018

Views: 57

Image title


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:

Image title

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.

Image title

Bottom Line

Whether you have just started to save for a down payment, or have been saving for years, you may be closer to your dream home than you think! Let’s meet up so I can help you evaluate your ability to buy today.   READ MORE>>



Blog author image

Julie Pruitt

I have that typical “I went on vacation and fell in love with the area and so we moved here” story. Hi, my name is Julie Pruitt and I am a proud Texas native. Prior to moving to Santa Rosa Beach, ....

Latest Blog Posts

Sweetbay Montessori School Enroll Today

Sweetbay originated when a group of Montessori families and teachers created a new home for an elementary program transitioning from another school. In response to local demand for more quality

Read More

Finding The Right Subs And Professionals When You Need Them

I didn't realize how informative Houzz was until I actually was drilling down to look for a pool installer for a home buyer! You just don't look for furniture or home ideas on this site any longer -

Read More

Yellow Flies Are Back

Yellow flies are back! These things will ruin any outside time you may be trying to enjoy. Their nuisance seems to peek during May and June. You dont really need me to tell you how terrible

Read More

Does Curb Appeal Help Sell Your Home

Real estate agents across the country list curb appeal in the top 5 ingredients in selling your home and often less time to sell.Curb appeal is what draws you to a home at a glance from the street.

Read More