In a recent 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 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 Kansas are able to save for a down payment in just 6 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.
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! We can show you homes that are great investments in our Olathe & Kansas City areas. We also have great mortgage partners that can help assess your down payment options and help choose the right mortgage and down payments that best meet your need and price ranges. Call the Char MacCallum Real Estate Group 913-782-8857 and we can help you search for your dream home in Kansas City!
- Buying a Kansas City area Home
- How long does it take to save for a down payment on a house in Kansas City?
How long does it take to save for a down payment on a house in Kansas City?
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