Blog
Best Tips for Sellers & Buyers
You Can Save for a Down Payment Faster Than You Think
Buying a Home by Natasha Lingle
You Can Save for a Down Payment Faster Than You Think
In a study conducted by Builder.com, researchers determined that nationwide, it would take “nearly eight years” for a first-time buyer to save enough for a down payment on their dream home.
Depending on where you live, median rents, incomes and home prices all vary. By determining the percentage of income a renter spends on housing in each state, and the amount needed for a 10% down payment, they were able to establish how long (in years) it would take for an average resident to save.
According to the study, residents in South Dakota are able to save for a down payment the quickest in just under 3.5 years. 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 the Freddie Mac or Fannie Mae 3% down programs? Suddenly saving for a down payment no longer takes 5 or 10 years, but becomes attainable in under two years in many states as shown in the map below.
Also Read:
Pre-Approval: First Step in Home Buying Process
Bottom Line:
Whether you have just started to save for a down payment, or have been 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.
Vienna VA real estate. Find the best realtor in Vienna VA
Home Buyers’ Guide:
Your Step-by-Step Guide to Buying Your Dream Home
Enter your email to get your FREE Buyers’ Guide!
Related Articles
The Rotonda Condos Floor Plans. 11 Models from 1-Bed, 1-Bath to 4-Beds, 4-Baths
Buying a Home | Tysons
The Rotonda Condominiums community offers flexibility with its floor plans, starting with 11 original layouts, ranging from 1-bedroom, 1-bath to 3-bedroom, 3-bath options. Beyond the original layouts, residents have options for combined and custom-modified floor plans.
Read More
Is Your Northern Virginia Home Radon Free? What Every Home Buyer and Seller Needs to Know About Radon Testing & Remediation
Buying a Home | Northern Virginia
From my experience, majority of home buyers and owners are unfamiliar with what Radon is and don’t know that it might be present in a home. After all, this invisible, odorless gas doesn’t really give itself away.
Read More
Vienna VA New Construction Homes: View Listings & Schedule Showings
Buying a Home | Inside Vienna VA
Whether you’re envisioning a modern condo, a stylish townhouse, or a luxurious single-family home, my professional MLS database offers an extensive collection of newly constructed properties with the most up-to-date information. Take advantage of advanced search filters, detailed property information, and stunning visuals to make informed decisions on your path to homeownership.
Read More
Buy New Home in McLean VA & Vienna VA: Insider Secrets to Buying New Construction Homes
Buying a Home | New Construction Homes
Looking to buy new home in Vienna & McLean, VA? Discover best pro tips. Get inside scoop from knowledgeable local agent. And browse new homes currently for sale.
Read MoreSCHEDULE A CONSULTATION
Search Posts by Keyword
Search Posts by Category
Buying a HomeHousing Market UpdatesInside McLean VAInside Vienna VAMarket UpdatesNew Construction HomesNorthern VirginiaNOVA NewsSelling Your HomeTysonsVideosMeet The Agent
Natasha Lingle is an energetic and personable real estate professional with a proven track record of success representing home buyers, sellers and investors throughout Northern Virginia. Natasha is known for her deep knowledge of the local market, tenacity, strong negotiating skills, honesty and integrity. Whether providing expert guidance to buyers or creating custom marketing plans for the sellers, Natasha delivers the highest level of customer service to all her clients.
Learn More