Market Watch: You Can Save for a Down Payment Faster Than You Think

By
Real Estate Agent with Keller Williams Realty 0480787

FasterThanYouThink-KCM

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:

Years-To-Save-10-KCM-768x576.jpg

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.

Years-To-Save-3-KCM-768x576

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 a local real estate professional who can help you evaluate your ability to buy today.

 

Like us on Facebook: The Kimberly Davis Group

Fresh Listings! Just listed Mckinney Area! Don't miss out!

Want to know the value of your home?  Click here: Find Your Homes Value Now For FREE.

Want to learn more information about a specific property?  Click here: The Kimberly Davis Group-Looking to Buy or Sell… The Kimberly Davis Group is ranked #1!

Posted by

Kimberly Davis is a Mega Agent with Keller Williams Realty in Plano, TX.  She is a native of McKinney, TX and has lived in Frisco, The Colony and currently is a resident of Plano, TX.  Kimberly is an internet marketing specialist and is excited about the growth of the Highway 121 corridor that includes the relocation or development of major corporations headquarters such as the Dallas Cowboys, Toyota, FedEx, Liberty Mutual, Nebraska Furniture Mart, Grandscape and more!

 

To search for properties in this area: Home Search Link

 

To get an estimate of your current value: Home Value

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Tags:
kw
frisco realtor
plano realtor
north texas homes for sale
kimberly davis group
kimcan

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
135,032

Kimberly Davis

Plano, Frisco & The Colony, TX Real Estate
Ask me a question
*
*
*
*
Spam prevention