How Fast Can You Save for a Down Payment?

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 would it take you 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 a 2-bedroom apartment 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 Iowa can save for a down payment the quickest in just under 2 years (1.99). 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 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 attainable in a year or two in many states as shown in the map below.

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 – give me a call – J.P. Cook – 602-320-4253.

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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

3180 W Juniper Canyon Drive Phoenix, AZ 85083

New

$453,990

3 Beds

2 Baths

1,232 SqFt

Status Active

MLS # 6692863

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!!!! This single-level home showcases a spacious open floorplan where the Great Room, kitchen and dining room share a footprint that helps maximize the low-maintenance interior. Three bedrooms provide comfort and privacy for household members and overnight guests. Among those bedrooms is the luxurious owner's suite, which features a restful bedroom, en-suite bathroom and a walk-in closet. Photos are renderings of a model home, not the actual home.

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2245 E Flower -- Phoenix, AZ 85016

$453,900

3 Beds

1 Bath

1,511 SqFt

Status Active

MLS # 6664508

Property Type Single Family Residence

Price Type --

ANOTHER GREAT CORNER LOT PROPERTY THAS IS BEEN REMODEL WITH NEW PAINT EXTERIOR AND INTERIOR!!!!NEW TILE FLOORS THROUGH OUT,NEW KITCHEN CABINETRIES,NEW COUNTER TOPES,CEILING FANS AND MORE. COENER LOT WITH RV GATE AND POSSIBILITY TO BUILT A GUEST HOUSE

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17382 W El Caminito Drive Waddell, AZ 85355

$453,870

3 Beds

3 Baths

2,040 SqFt

Status Active

MLS # 6649053

Property Type Single Family Residence

Price Type --

Single Story, 2-Car Garage, 3 BR, Den w/Double Doors and Tile, 3 Bath, 36'' Skylar Shale Cabinets, White Ice Quartz Countertops, Under Cabinet LED Kitchen Lighting, 6 x36 Oceanside Cottage Tile Flooring, Bit of Gray Carpeting, Faded Grey Interior Paint, SS Gas Range Double Oven Slide-In Appliance Package, ,Holiday Pkg, Laundry Room Cabinets with Sink, Soft Water Pre-Plumb, Gas Stub for future BBQ, Ext Color Scheme #7

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40387 W Michaels Drive Maricopa, AZ 85138

$453,814

3 Beds

2.5 Baths

2,400 SqFt

Status Active

MLS # 6681128

Property Type Single Family Residence

Price Type --

The heart of this ranch floor plan is an open layout with a great room, a breakfast nook and a gourmet kitchen with a walk-in pantry and a center island. The owner's suite is adjacent, and showcases a generous walk-in closet and an attached bath with double sinks and a deluxe shower with separate tub. A private study, two bedrooms and a bath round out the interior of the residence. A tandem garage and covered patio are also included!

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