You Can Save for a Down Payment Faster Than You Think...
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.
On the right is a map created using the data for each state.
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 on the right).
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!