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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 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.

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About Area

Blairsville, Georgia is a small mountain town in the Appalachian Mountains. For many people who live in larger cities, these mountains provide a simple escape from life’s daily stresses. Stunning scenery among Northeast Georgia’s gentle peaks and beautiful creeks and rivers makes this region a natural paradise. Encompassing nearly two-thirds of Blairsville, the Chattahoochee National Forest has winding trails that lead visitors through scenic mountains, rushing rivers, and cascading waterfalls. This is where you can step back in time with nature and walk where the Cherokee Indians once lived. The Chattahoochee National Forest boasts scenic attractions such as Helton Creek Falls, Trackrock Archaeological Area (site of ancient Indian petroglyphs), and Brasstown Bald – Georgia’ s highest peak. The Russell-Brasstown Scenic Byway and the Southern Highroads Trail offer outstanding scenery. Nearby Vogel State Park with its Civilian Conservation Corps Museum is a longtime favorite for camping or a cozy cabin retreat. Blairsville's Town Square is frequently the venue for annual events such as the Downtown Spring Arts & Crafts Festival, the Memorial Day Parade, the Green Bean Festival, the Bluegrass Festival, the Sorghum Parade, Hometown Halloween on the Square, and the Christmas Parade. Everyone is invited to these family oriented celebrations! Just south of the Square, the Historical Society develops and maintains the Mountain Life Museum. It is home to the 1906 Grapel Mock House, the 1861 Payne Cabin, and annual events such as the Mountain Market and Heritage Festival. Look for live animals, heritage demonstrations, and hands-on activities such as panning for gold. Blairsville is a quaint mountain town where things move at a slower pace, and people take time to stop and smell the roses, and it makes all the difference.

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