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You Can Save For A Down Payment Faster Than You Think – Kristel Acre

RE/MAX NEXUS real estate agency Kristel Acre Realtor Firestone Colorado

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 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.
RE/MAX NEXUS real estate agency Kristel Acre Realtor Firestone Colorado

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.

You can read more from Kristel Acre here!

 

Kristel Acre
Broker Associate
ABR, GRI, CNE, QSC, AWREP
RE/MAX Nexus Firestone CO
303-845-2373

Remax Nexus - image of Kristel Acre Real Estate Agent

RE/MAX NEXUS

11409 Business Park Circle, Suite 100

Firestone, CO 80504

 

Office: 970-295-4760

Fax: 720-247-9228

Email: Homes@NexusForSale.com