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.
WE CAN HELP!
Our team of mortgage brokers are experts in finding the right mortgage loan for you. Programs like VA, CHFA, and USDA are all programs available here in Colorado. Contact us today and we’ll get you started on your home buying journey, no matter how long it takes, we’ll be with you every step of the way!
Tags: 2016 housing market, buyers agent, buyers real estate agent, chfa, Colorado, Denver Metro, downpayment, get a home loan, home loan, home loans, how to save for a down payment, how to save for a downpayment, Interest rates, low down payment, mortgage, mortgage broker, mortgage interest rates, mortgage process, Real estate, Real Estate agent, realtor, usda, va