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

1923 E South Mountain Avenue Phoenix, AZ 85042

$475,000

4 Beds

2 Baths

2,053 SqFt

Status Active

MLS # 6691714

Property Type Single Family Residence

Price Type --

A rare Phoenix find! This four-bedroom two, two-bath home also offers extra living space with its fully converted garage. The pool is ready for summer and has also had recent maintenance completed. The pool has a new pump, filter, and blue pebble pool surface upgrade. A newer roof(2022), recently redone flooring, fresh paint throughout the home, and new landscaped gravel make this home a no-brainer! The spacious backyard has a newer irrigation system. The house has solar panels with a transferable loan to be owned. There is a large storage building and covered storage in the backyard; both roofs were done in 2022. Both bathrooms have been renovated. Homes is walking distance to the Mormon Trailhead for hikers. We look forward to you seeing it!

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29248 N 122nd Lane Peoria, AZ 85383

$475,000

4 Beds

2.5 Baths

2,706 SqFt

Status Active

MLS # 6692658

Property Type Single Family Residence

Price Type --

Nestled in the mountains of North Peoria, this highly updated 4 bedroom home/2.5 bath with a rare 3 car garage is in the premiere community of Vistancia. While relaxing at home, enjoy the white-on-white kitchen, main floor den, 4 large bedrooms, plus a huge loft and a no maintenance backyard! This incredible community is not only a destination, but a lifestyle, featuring everything the active homeowner is seeking - 3 pools, water slides, volley ball, basketball and tennis, world class community center and miles of hiking/walking trails. - 2 additional private community pools and spas, just 5 houses down! - Discovery trail entrance 4 houses down - farmers market and food truck nights monthly - Activities every month - Activities every month (luaus, movies on the lawn, holiday decor contests, happy hours, crafts, learning seminars, etc.) - Frys, restaurants, and shopping at 5 north coming soon Our preferred lender is offering below market interest rates, making this home even more affordable. Look in the private remarks for more information.

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2478 E Roma Avenue Phoenix, AZ 85016

$475,000

2 Beds

2.5 Baths

1,122 SqFt

Status Active

MLS # 6693001

Property Type Townhouse

Price Type --

Welcome to this charming property that appeals to the modern homeowner. Mesmerize your visitors with the stylish accent backsplash in the kitchen. The kitchen is further enhanced with efficient and eye-catching stainless steel appliances that make food preparation an enjoyable venture. This property features a generously spaced walk-in closet in the primary bedroom, offering ample storage space for all your outfits and accessories. Getting ready in the morning or winding down in the evening is made easier with double sinks in the primary bathroom. Enjoy the shared neighborhood amenities that offer another layer of enjoyment to residing in this vibrant community. Don't miss this once-in-a-lifetime opportunity to make this delightful property your own!

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2101 Leisure World -- Mesa, AZ 85206

$475,000

3 Beds

2 Baths

1,723 SqFt

Status Active

MLS # 6697499

Property Type Single Family Residence

Price Type --

Please do not miss this beautiful Barcelona floor plan. It has been tastefully updated and has views of Coyote Run Golf Course from both the front patio and the back patio. The front courtyard is so welcoming to all visitors and once inside the home, the gorgeous rock fireplace and vaulted ceiling invites you in. The large kitchen has plenty of cabinets and counter space plus you have a large laundry room and incredible pantry. All 3 bedrooms are huge and the home has hard surface floors throughout for easy care. Do not miss this house!! All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, new tennis complex, pickle ball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room, and much more!

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10812 N Dogwood Road Florence, AZ 85132

$475,000

5 Beds

3 Baths

2,016 SqFt

Status Active

MLS # 6699971

Property Type Manufactured Home

Price Type --

4+ acre property with NO HOA and private well is hard to find but including 5 bedrooms & 3 baths makes it even more special * Tons of storage with workshop attached to carport + tack rm/storage + permitted out building that can be finished to be a casita or office * Full length covered patios front & back for some added charm * Sunscreens all around for cooler interior temps * Extended length attached 2 car carport * Fenced in pipe & top rail, double RV gate with auto opener * Design your landscape to make this your dream home * Plenty of room to build an arena, barn, stalls, turn-out area, RV garage or whatever you need * Enjoy all the charm of Historic Florence * Close to town but far enough away you can enjoy all the open space * Seller would consider a long term lease w option to buy

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4218 E Del Rio Street Gilbert, AZ 85295

$475,000

3 Beds

2 Baths

1,470 SqFt

Status Active

MLS # 6700591

Property Type Single Family Residence

Price Type --

A beautiful 3 bed, 2 bath residence in Ashley Heights is now for sale! Featuring charming curb appeal, a large front yard, and a 2 car garage, it's sure to be the one for you! Inside you'll find a spacious dining & living area w/stylish wood-look tile flooring and neutral palette throughout. Prepare delicious meals in this elegant kitchen, comprised of oak cabinetry w/tile counters, a pantry, recessed & pendant lighting, and a center island. The primary bedroom boasts soft carpet, a walk-in closet, and a private ensuite w/dual sinks. Finally, the expansive backyard w/its covered patio, is the perfect place for spending quality time w/friends & loved ones! Don't wait any longer, act now!

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7790 W Emerson Drive Kirkland, AZ 86332

$475,000

3 Beds

3 Baths

2,593 SqFt

Status Active

MLS # 6668827

Property Type Single Family Residence

Price Type --

NO HOA!!! This ranch-style hilltop home has million dollar, panoramic views for miles, nearly 7 acres of fenced and gated land, outbuildings, and potential guest house! You will love your full views of both sunrise and sunset, as well as the vast and powerful mountain ranges that fill the horizon. The peace and privacy you will find while listening to the abundant wildlife is unmatched. All your toys and hobbies will find a home on this perfectly situated property on the paved county road. The home is nearly 2600 sqft - with 3 large bedrooms, 2 bonus rooms, 3 full baths, an open kitchen with pantry, plenty of cabinet space, dining room, living room, and huge climate controlled laundry room that can double as an office, media room, or bonus space. Add to that a large attached 2-car Garage that has tons of extra space with shelves and built-in counters, well house and well equipment, detached exterior 16x12 shed (included with full-price offer only), and 600 sqft storage building with the potential to become a guest house or rental. New roof, updated flooring, and more! see attached docs for a breakdown of upgrades/updates. This town is a well-kept Prescott area secret! This peaceful location will allow you to take a deep breath and reset! 25 minutes (17 miles) from downtown Prescott and less than an hour from Wickenburg. If you are looking for rural yet convenient, don't overlook Wilhoit!

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9455 E Raintree Drive Scottsdale, AZ 85260

$475,000

3 Beds

2 Baths

1,509 SqFt

Status Active

MLS # 6671237

Property Type Apartment

Price Type --

HUGE PRICE REDUCTION! Great Opportunity !! Ground Floor End Unit in Ladera Vista Condos. Remodeled Kitchen: Quartz Countertops, Marble Backsplash, Cherry Wood Cabinets, 20''x20'' Tile Floors, Pantry with Pull-Out Drawers, SS Appliances. Remodeled Master & Hall Baths. Enjoy the Rain Shower Head in Master! 3rd Bed used as a Den., no closet. Newer HVAC & Hot Water Heater. NO Carpet - all Hard Floor Surfaces. Natural Lighting from Many Windows and Sliders. Two patios for Easy Relaxing Times. Appliances Stay. Cute Ceiling Fans, too. Assigned Covered Parking is located directly by the Front Door. Gated Community with Heated Community Pool & Spa. Ladera Vista is close to AJ's, Starbucks, restaurants, golf, hiking, Westworld, 101 & so much more.

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10746 W Wheatridge Drive Sun City, AZ 85373

$475,000

3 Beds

2 Baths

2,153 SqFt

Status Active

MLS # 6677186

Property Type Single Family Residence

Price Type --

Stunning views for days! Welcome to this customized Forrester model w/stucco exterior positioned on 13th hole of Willow Creek Golf Course. You will love vaulted ceilings, tile floors w/carpet in bedrooms, tons of natural light, custom touches in kitchen with SS appliances & floor to ceiling cabinets. Plenty of space for entertaining, & spectacular sunsets. Boasting a huge master bedroom w/beautifully appointed ensuite, property also features 2 large guest bedrooms & guest bath in hall. Plus, the wonderful enclosed heated/cooled sun room featuring wall-to-wall windows overlooking an amazing view of the lush golf course(with 2 sliders to 2 sep patios.) WiFi remote controlled thermostat & garage door opener. In the garage, you'll find a work bench w/peg boards, & shelving a wall-mounted a/c plus heavy duty mounted overhead storage. Property is conveniently located near shopping, entertainment, restaurants & medical facilities.

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5104 N 32nd Street Phoenix, AZ 85018

$475,000

2 Beds

2 Baths

1,277 SqFt

Status Active

MLS # 6639426

Property Type Apartment

Price Type --

Stunning fully remodeled condo in the heart of the Biltmore Corridor. Light & bright two bedroom/two bath north facing single-level split floor plan condo in the much sought after Meridian Condominiums, a part of the Arizona Biltmore Estates Village. Turn-key & move-in ready as a winter getaway or a full time residence. The gated community provides elevator access, underground garage reserved parking, a year-round heated resort-style pool, jacuzzi spa, gas BBQ grills, fitness room, sauna/locker rooms & plenty of green space. Walk thru private security gate to access adjacent restaurants and shopping.

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17721 W Granite View Drive Goodyear, AZ 85338

$475,000

4 Beds

2.5 Baths

2,917 SqFt

Status Active

MLS # 6662364

Property Type Single Family Residence

Price Type --

Welcome Home to this 4 bed + den & loft, 2.5 bath 2917sqft home in the Award Winning Master Planned Community of Estrella. 72 Acres of Lakes, Mountains, 2 Resident Centers & Nicklaus Designed Golf Course. This beautiful home is equipped with carpet and tile flooring. Kitchen showcases stainless steel appliances, granite counter tops, and white cabinets. Den, half bath, formal dining and a built in office / homework room downstairs. All bedrooms are upstairs along with a loft. Relax out back in your low maintenance landscaped backyard with artificial grass, pavers, and fire pit. Enjoy low electric bills as your 9.7kW solar panel system works for you! Solar is leased through Sunrun with a fixed rate of $173 monthly. See this home today before it is gone!

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1741 W Paisley Drive San Tan Valley, AZ 85144

$475,000

4 Beds

2 Baths

1,863 SqFt

Status Active

MLS # 6673545

Property Type Single Family Residence

Price Type --

Home Qualifies for No Downpayment Loans! Motivated Seller ~ Bring All Offers! Located in the VERY POPULAR subdivision CIRCLE CROSS RANCH in NORTH San Tan Valley. SUPER CLEAN & UPDATED MOVE IN READY 1 STORY Ranch home with 4 Bedrooms (4th Bedroom is Large Den) with HEATED POOL and BUILT in 2012! A HUGE greenbelt right across the street! LOW Maintenance Yards ATTACHED Extended 2 Car Garage w/ EXTRA STORAGE! Amazing Stacked Brick accent wall in living Room! LARGE Open Kitchen with Stainless Steel Appliances! All Appliances included! Even W/D! Tons of Walking/Biking Trails. Close to LOTS of shopping and restaurants. Easy access to Banner Ironwood Hospital, Minutes from New 24 Freeway!

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