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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

Blairsville, Georgia is a small mountain town located in the beautiful Blue Ridge Mountains. Widely known for being one of the most desirable destinations for outdoor adventurers, people come to Blairsville for mountain biking, hiking, fishing or just to marvel at the perfect beauty of nature. A large portion of the area is in the Chattahoochee National Forest, and therefore, will remain untouched and naturally serene and beautiful. In 1942 Lake Nottely was created by the Tennessee Valley Authority for power production. The resulting 4,180 acre lake today is a source of Summer fun, with boating, fishing and swimming abundant, and the river that feeds the lake offers some of the best trout fishing in the state. Vogel State Park, located just outside of town, is centered around Trahlyta Lake and Trahlyta Falls. With rustic cabins on site, and primitive camp sites, you can stay for days or weeks and enjoy swimming, paddle boating and fishing in the lake, hike to the falls, or even play putt-putt. Just beyond Vogel State Park are several more waterfalls with hiking trails and areas to camp, fish, or play in the creek. In addition to all of the majestic waterways running through the valleys, the highest elevation in the state of Georgia is in Blairsville, on top of Brasstown Bald Mountain. Here, you can hike up to the visitor’s center (or take a shuttle) where you have a 360⁰ view, and can see four different states on a clear day, have a picnic, visit the gift shop, and if you’re feeling adventurous, take one of the longer hiking trails, one of which leads to the Appalachian Trail. You won’t be surrounded by department stores or chain restaurants in Blairsville, but you can find handcrafted, original creations in the small shops, or if you visit the Farmer’s Market or one of the many festivals throughout the year. This is certainly a beautiful and unique town worth seeing, perhaps you’ll even want to stay, and if that’s the case, contact your Century 21 Scenic Realty. We are always here for you!

Featured Properties

361 LUNSFORD ROAD,
Blairsville

  • 3 Bathrooms
  • 4 Bedrooms
  • $ 510000

2751 TOWN CREEK SCHOOL RO,
Blairsville

  • 3 Bathrooms
  • 5 Bedrooms
  • $ 899900

9750 BLUE RIDGE HWY,
Blairsville

  • 3 Bathrooms
  • 4 Bedrooms
  • $ 359900

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