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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.

 

Your Step-by-Step Guide to Buying Your Dream Home

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Meet 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.

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