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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.

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About Area

Hayesville, North Carolina is a small city in the extreme southwestern mountains of North Carolina. The city itself consists of about half a square mile of land, all of it being land. Just to the north of Hayesville, the Hiawassee River flows westward into the Rocky Mountains and Tennessee. Downtown Hayesville consists of the original historic courthouse and jail, which have been converted into a museum. There are also many unique shops and restaurants, and the idyllic little town square plays hostto many different concerts, festivals, and fun events throughout the year. Some of the most popular attractions in Hayesville consist of outdoor activities, as the Good Lord saw fit to make this area of the world a beautiful and wonderful outdoor playground. Hiking and biking trails abound, as well as tubingand fishing on the river and Fires Creek. Heritage of the mountain people as well as the Cherokee people before them is celebrated and memorialized in a couple different sites. And agritourism is a popular attraction offered by many of the local farms. The landscape here is absolutely picture perfect. Tall blue mountains rise up in the distance on all sides, while much of Hayesville is level to hilly farm and pasture land. It is truly a beautiful site for a home or just to sit back and relax in perfect peace. Many people who come to this area to visit are here to unwind and escape the daily grind. If, however, you would like to make this paradise a more permanent escape, contact Best Mountain Deals today. The people of Hayesville are always ready to welcome a new neighbor, and our team of agents most definitely have the best listings currently offered.

Featured Properties

90 TATE BRANCH LANE,
Hayesville

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  • 4 Bedrooms
  • $ 599999

1805 BETHABARA ROAD,
Hayesville

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89 COMPASS CREEK,
Hayesville

  • 4 Bathrooms
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