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.

And please, don’t forget to download

My Buyers’ Guide:

“Things to Consider When Buying a Home”

As a home buyer, there’s plenty you need to know. You’re about to make the largest financial investment of your life, but with my Home Buyers Guide, you’ll have the information you need about buying a home, right at your fingertips.

Here’s what you will find inside:

• The Cost of Renting vs Buying
• 2 Myths That Might be Holding You from Buying
• Why Pre-Approval Should be Your First Step
• What You Need to Know About Mortgage Process
• What to Expect When Home Inspecting
• And More!

 

The best part is, our Guide is free and available to download right now. All we need is your name and email, and we’ll send it directly to you.

 

---

Related Articles

The Crucial Role of Feasibility Study Contingency When Buying Land in Northern Virginia

New Construction Homes

  Buying land or a lot can be an exciting and potentially rewarding investment. Whether you plan to build your dream new construction home or hold it as an investment, the decision to purchase land is not one to be taken lightly. One critical step in the land-buying process that often goes overlooked is the […]

Read More

The Verse Condos in McLean, VA

Buying a Home | Inside McLean VA | Tysons

Soaring 25 stories high and housing 140 residences, The Verse offers an exclusive collection of elegant and sophisticated condominiums and luxurious amenities with breathtaking panoramic views of the Northern Virginia skyline.

Read More

Thriving Transformation: New Developments Shaping Tysons, Virginia

Inside McLean VA | Tysons

Tysons, Virginia is undergoing a remarkable transformation, solidifying its position as a vibrant and dynamic urban center.

Read More

Vienna VA New Construction Homes: View Listings & Schedule Showings

Buying a Home | Inside Vienna VA

All Vienna VA New Construction Homes listed on this page come directly from my professional MLS account…

Read More

SCHEDULE A CONSULTATION

Thinking about selling or buying? Just fill out the form below for a free no obligation consultation, and I’ll get right back to you. If you have an immediate question, please text or call me at (571) 455-0178.

Contact Us

Name *

Email *

Phone

I am interested in... * I am interested in...* BuyingSellingBothOther

Comments *

What goes up must come ____? *

Captcha

If you are human, leave this field blank.

Submit