You Can Save for a Ventura County Down Payment Faster Than You Think!

By
Real Estate Agent with Allison James Elite CA. BRE 01501699

#TimeToSell #ChrisBJohnsonRealtor #SellersPayZEROCommission #ListYourHomeandPayNoCommission

Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve....

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 it would take 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 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 Ohio can save for a down payment the quickest in just under 3 years (2.44). Below is a map that was created using the data for each state:

You Can Save for a Down Payment Faster Than You Think! | MyKCM

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 possible in a year or two in many states as shown on the map below.

You Can Save for a Down Payment Faster Than You Think! | MyKCM

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.

 

 

About Me

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Chris B. Johnson is a REALTOR® who Specializes in Short Sale and REO Transactions. Chris has been Certified as a California Association of Realtors HAFA Specialist, a National Association of Realtors Short Sale and Foreclosure Resource, Chris B Johnson Realtor is a Certified Distressed Property Expert, Certified Short Sale Negotiator, Certified Default Advocate and Certified Pre-Foreclosure Specialist. With a full time staff dedicated to short sale negotiations and transactions, we have been successful with (almost) every short sale to date.  LinkedIn Pro    UpNest    What's Your Home Worth?

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
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Topic:
Home Buying
Location:
California Ventura County
Tags:
luxury home specialist
ventura county homes for sale
short sale specialist
your best choice for a realtor in ventura county ca
find bank owned reo homes
ar best real estate agent
top five realtors in ventura county
number 1 realtor in moorpark

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Rainmaker
3,592,908
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

If people really want to save for that home, all they need to do is follow our suggestions and be dedicated to saving

Mar 13, 2018 02:09 PM #1
Rainmaker
339,721
Chris B Johnson
Allison James Elite - Moorpark, CA
REALTOR®Quality Not Quantity #ChrisBJohnsonRealtor

Very true William Feela , a good budget with disciplined saving goes a long way towards building a down payment!

Mar 13, 2018 02:13 PM #2
Rainmaker
339,721
Chris B Johnson
Allison James Elite - Moorpark, CA
REALTOR®Quality Not Quantity #ChrisBJohnsonRealtor

2021 E Bard RD, Oxnard, CA 93033 is For Sale, Get all the details here: http://2021bard.ihousenet.com/

Apr 10, 2018 10:12 AM #3
Rainmaker
339,721
Chris B Johnson
Allison James Elite - Moorpark, CA
REALTOR®Quality Not Quantity #ChrisBJohnsonRealtor

2021 E Bard RD, Oxnard, CA 93033 IS Remodeled, Refreshed and Ready for move in! http://2021bard.ihousenet.com/ #TimeToBuy #ChrisBJohnsonRealtor http://activerain.com/droplet/5bHK https://youtu.be/etWEBTGEgpE

Apr 14, 2018 10:59 AM #4
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Rainmaker
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Chris B Johnson

REALTOR®Quality Not Quantity #ChrisBJohnsonRealtor
Is it Too Late to Short Sell My Home??
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