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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.

Get the info that you want - right now!

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About Area

Blairsville is a small mountain community in the Northeast Georgia Mountains. Almost two thirds of Union County, in which Blairsville is located, is inside the Chattahoochee National Forest. Therefore, Mother Nature reigns supreme in the area. Outdoor activities of all types are celebrated. Visitors can find themselves hiking, mountain biking, horseback riding, or even exploring three rushing waterfalls including the twin cascades at Helton Creek Falls. In addition, there are warm weather water sports on pristine Lake Winfield Scott and Lake Nottely, and the 20-acre lake and swimming beach at one of Georgia’s most beloved summer getaways, Vogel State Park. Many different picturesque settings are available for real estate, like mountain views, rolling pastures, creeks, rivers, and many combinations of them all. The pace of living invites you to just sit in the porch swing and listen to nature around you. Blairsville is also host to many unique and fun festivals all throughout the year. The Historic 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! If you’ve ever wanted to experience mountain living at it’s best, Blairsville is for you, and Century 21 Scenic Realty is the Agency you need.

Featured Properties

874 WHISPERING PINES,
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101 JULIUS CHAMBERS DR,
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32 HAWKSVIEW CT,
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