eXp Realty
Kathleen Militello
The Militello Team


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




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!  Call us today and we will suggest 2-3 loan officers that we have worked in the past.  He/She will get you on the "right track" financially to realize your dream.

We are THE MILITELLO TEAM selling real estate North of Boston, in Essex County on the North Shore.  Contact us Today!

THE MILITELLO TEAM:

Joseph Militello (978) 815-3877
Kathleen Militello (978) 500-1480
Vice-President/Realtor


SOURCE:  Keeping Current Matters

Newsletter

Sign up to receive our monthly newsletter right in your inbox.

 

Contact Us

 

Calculator

 
 

School Search

Enter a zip code to see the schools in that area.

 
Realtor Equal Housing Opportunity Multiple Listing Service
 

Want to Know How Much Your Home is Worth?

Get Your FREE Home Market Analysis Report Right Now!

YES, SHOW ME NOW