In a 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 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. Below 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 below.
Bottom Line
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! Let’s meet up so I can help you evaluate your ability to buy today.
I have been a broker for over 24 years and moved to the lake full time in 1999 and have loved every minute of it. Originally from Kansas City and graduated from the University of Kansas with a degree in interpersonal and organizational communications. Right out of college, I started investing in real-esate by buying rental properties. I have owned and managed multi-million dollar businesses including a real estate company. I am very involved with the community, which includes being a local director for the Bagnell Dam Board of Realtors, the chairman on planning and zoning for the City of Lake Ozark and volunteering for the local YMCA, Kiwanis and Easter Seals.
My vast experience and diverse background helps me pay attention to detail and accomplish my client's ultimate goal. I love what I do! For more information about me and my credentials, I ask that you visit my website at http://www.sellingthelake.com
I look forward to working with you and finding you that perfect property!
Sincerely,
Valerie Littrell
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