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Ana Posadas
BRE 01116069
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(805) 279-6558
posadas4homes@gmail.com
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Top Real Estate Agents throughout Ventura County and the San Fernando Valley.
  • Home
  • Buyers
    • Listings Search
  • Community Info
    • Get Your Free Instant Home Value Report
    • Tips For Selling Your Home
    • Marketing Your Home
  • Listings Search
    • Simi Valley
    • Simi Valley West
    • Simi Valley Central
    • Simi Valley East
    • Moorpark
    • San Fernando Valley
    • Oak Park
    • Agoura Hills
  • Recommend
    • Realtor
    • Zillow
  • About
    • Annual Garage Sale Registration
  • Contact
    • Agents
    • Blog
  • en Espanol
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Top Real Estate Agents throughout Ventura County and the San Fernando Valley.
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How Quickly Can You Save Your Down Payment?

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Ana Posadas,04/29/2019

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 out how long it would take to save for a down payment in each state.

Using data from HUD, Census and Apartment List, 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 Kansas can save for a down payment the quickest, doing so in just over 1 year (1.12). Below is a map that was created using the data for each state:

How Quickly Can You Save Your Down Payment? | MyKCM

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 2 to 5 years, but becomes possible in less than a year in most states, as shown on the map below.

How Quickly Can You Save Your Down Payment? | MyKCM

Bottom Line

Whether you have just begun 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 get together to help you evaluate your ability to buy today.

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Century 21 Everest
1308 E. Madera Rd # 2Simi Valley
California 93065
(Everest BRE 01994886) (CalBRE: 01126517 - 01116069)
(805) 279-6558
posadas4homes@gmail.com
www.anaposadas.realtor

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