Account: Login or Signup

706-970-7120 info@bestmountaindeals.com

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!

Why Working with a Local Real Estate Professional Makes All the Difference

Working with a Local Real Estate Professional Makes All the Difference

Read More

Are Home Values Really Overinflated?

Based on historic appreciation levels, we should be very comfortable that current home values are not overinflated.

Read More

“Short of a war or stock market crash…”

If interest rates and prices continue to rise as projected, the monthly mortgage payment on a home purchased a year from now will be dramatically more expensive than it would be today.

Read More

About Area

Come kickback, relax, and enjoy the Blue Ridge Mountains! Whether you are looking to get back to nature on the Appalachian Trail or Lake Nottely, take in one of our many festivals, or visit some of the local artisan shops you will find it in Blairsville, GA.

Featured Properties

3111 CREEKVIEW,
Hiawassee

  • 2 Bathrooms
  • 3 Bedrooms
  • $ 245000

201 PARKS RD,
Hiawassee

  • 4 Bathrooms
  • 4 Bedrooms
  • $ 699000

1780 HUNNICUTT RD,
Hiawassee

  • 2 Bathrooms
  • 2 Bedrooms
  • $ 249000

Client Reviews

Subscribe to our Monthly Mountain Market Report

Subscribe to our Monthly Mountain Market Report . All fields with an * are required.