Connect

Find us on...

Dashboard

Login using...

New Search X

You Can Save For A Down Payment Faster Than You Think!

Posted by David E. DeChant on Wednesday, March 14th, 2018 at 10:18am.

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:

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.

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: https://www.keepingcurrentmatters.com/2018/03/13/you-can-save-for-a-down-payment-faster-than-you-think-2/ 

3 Responses to "You Can Save For A Down Payment Faster Than You Think! "

7 Factors To Consider When Choosing A Home To Retire In wrote: [...]Links

You Can Save For A Down Payment Faster Than You Think!
4 Reasons Spring Is A Great Time To Buy A Home!
The Difference An Hour[...]

Posted on Friday, March 16th, 2018 at 4:54pm.

Moving Up Is MORE Affordable Now Than Almost Any Other Time In 40 Years wrote: [...]Links

7 Factors To Consider When Choosing A Home To Retire In
You Can Save For A Down Payment Faster Than You Think!
4 Reasons Spring Is A Great Time To Buy A Home!




Tags

[...]

Posted on Friday, March 16th, 2018 at 5:05pm.

The Cost Of Waiting: Interest Rates Edition [INFOGRAPHIC] wrote: [...]Time In 40 Years
7 Factors To Consider When Choosing A Home To Retire In
You Can Save For A Down Payment Faster Than You Think!




Tags

First Time Home Buyers (36)
For Buyers (46)
[...]

Posted on Monday, March 19th, 2018 at 9:36am.

Leave a Comment

Get Pre-Approved For a Mortgage 

 

 

Learn About Becoming a Redco Agent

Find us on FACEBOOK