How Fast Can You Save for a Down Payment? – 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 you to save for a down payment in each state.
By determining the percentage of income spent renting a 2-bedroom apartment 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 Iowa can save for a down payment
the quickest in just under 2 years (1.99). Below is a map 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 attainable in a year or two in many states as shown in the map below.
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.
To See More Blogs Like This One Please Visit My Website
For More Info Please Call 909-697-0823