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Save for downpayment faster than you think
You Can Save for a Down Payment Faster Than You Think
 
Saving for a down payment is often the biggest hurdle for a first-time home buyer. Depending on:
where you live median income median rents home prices  With so much variability I is important to find out how long it would take to save for a down payment in each state.
Using data from the United States Census Bureau and Zillow, it was 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.
A diabolical trend in the rental business leads to increasing rent 3% every year. This rate exceeds the rate of rising wages and barely keep pace with anticipated inflation and when taxes and interest rates are factored in, saving for a down payment can be a ... more

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