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Dec 16

How long does it take to save a down payment for your new home?

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How Long Does It Take To Save A Down Payment?


How Long Does It Take To Save A Down Payment? | Keeping Current Matters In a recent 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.

By determining the percentage 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:Years Needed to Save 10% Down | Keeping Current Matters

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 becomes attainable in under two years in many states as shown in the map below.Years Needed to Save 3% Down | Keeping Current MattersB

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! Meet with ​me… I can help you evaluate your ability to buy today. ​Particularly for first time home buyers, there are programs designed to help with down payments.

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Follow the link to a Seattle Times interactive map showing current house sales by submarketClick on an area for details on prices, number of homes sold and one-year price changes.​

 

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