Years Needed To Save 10 Percent Down

Years Needed To Save 10 Percent Down

In a recent 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 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:




Ann Marie Cancro Headshot
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Phone: 717-468-1301
Dated: January 5th 2016
Views: 213
About Ann Marie: LICENSED: Licensed Real Estate Professional since October 1990. AFFFILIATIONS: Lancaster Assoc. o...

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