{"id":28881,"date":"2024-04-18T06:00:00","date_gmt":"2024-04-18T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=28881"},"modified":"2024-04-24T10:52:53","modified_gmt":"2024-04-24T14:52:53","slug":"where-first-time-homebuyers-afford-condos-usa","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/where-first-time-homebuyers-afford-condos-usa\/","title":{"rendered":"Here\u2019s Where First-Time Homebuyers Can Afford To Buy a Condo in the US"},"content":{"rendered":"\n<p>With the national median price of a single-family home nearing $400,000, according to the <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\" target=\"_blank\" rel=\"noreferrer noopener\">National Association of Realtors\u00ae<\/a>, it could take a first-time homebuyer several years to save up enough for a down payment, closing costs, property taxes, and other related expenses. But rising single-family home prices shouldn\u2019t deter first-time buyers from entering the housing market. The condo segment is much more affordable and is an excellent option for first-time homebuyers eager to start building home equity and have a place to call their own.&nbsp;<\/p>\n\n\n\n<p>In most major US cities, median condo prices are below $300,000, offering buyers an opportunity to afford smaller down payments and get into the market sooner. So which of these markets give first-time buyers the best chance at homeownership?&nbsp;<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p>To find out which cities are the best for buying a condo, Zoocasa analyzed median condo price data in 34 markets across the US and calculated how many months it would take a homebuyer earning the median household income to save for a down payment. For the purpose of this report, it was assumed that the homebuyer was contributing 100% of their annual income to save for a down payment, based on saving 8% of the purchase price. The National Association of Realtors\u00ae <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/research-reports\/highlights-from-the-profile-of-home-buyers-and-sellers\" target=\"_blank\" rel=\"noreferrer noopener\">Profile of Home Buyers and Sellers<\/a> notes that the typical down payment for first-time buyers was 8% in 2023. Median condo prices were sourced using the most recently available data from NAR\u00ae and individual real estate boards. Median household income was sourced from the US Census Bureau.&nbsp;<\/p>\n\n\n<div style=\"min-height:1112px\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/QB3jA\/embed.js?v=4\" charset=\"utf-8\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/QB3jA\/full.png\" alt=\"\" \/><\/noscript><\/div>\n\n\n\n<h1 class=\"wp-block-heading\">Condo Buyers Can Save for a Down Payment in Under 5 Months in Most Cities<\/h1>\n\n\n\n<p>It would take a median-income earner around 4.5 months to save for the typical 8% down payment on a condo purchased at the national median price of $349,600, but in 21 cities, it takes even less time.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/trishia-yearwood-tennessee-home\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Here\u2019s What Happened to Real Estate Markets The Last Time Interest Rates Dropped in the US<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>With typical down payments of $20,000 or under, it\u2019s hard to beat condo affordability in <a href=\"https:\/\/www.zoocasa.com\/san-antonio-tx-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">San Antonio<\/a>, <a href=\"https:\/\/www.zoocasa.com\/albany-ny-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Albany<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/louisville-ky-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Louisville<\/a>. In each of these cities, it would take a median-income earner 3.3 months or less to save for the typical 8% down payment. San Antonio also boasts the second-most affordable median condo price of the 34 cities we analyzed, at $167,000, coming in just behind <a href=\"https:\/\/www.zoocasa.com\/cleveland-oh-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Cleveland<\/a> which has the lowest at $161,500.&nbsp;<\/p>\n\n\n\n<p>Several other in-demand cities have typical down payments under $20,000 and require less than 5 months of saving, including <a href=\"https:\/\/www.zoocasa.com\/tallahassee-fl-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Tallahassee<\/a>, <a href=\"https:\/\/www.zoocasa.com\/houston-tx-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Houston<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/tucson-az-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Tucson<\/a>. A first-time buyer would need to save for just 3.5 months to be able to afford the typical down payment of $15,600 in Tallahassee, while in Tucson it would take a first-time buyer 4.6 months to save for the typical down payment of $19,840.&nbsp;<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Higher Incomes Don\u2019t Always Lead to Easier Paths to Homeownership<\/h1>\n\n\n\n<p>Though <a href=\"https:\/\/www.zoocasa.com\/san-francisco-ca-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">San Francisco<\/a> has the highest median household income of the cities we analyzed, it would still take a first-time buyer 5.6 months to save for the typical down payment of $64,000. Similarly in <a href=\"https:\/\/www.zoocasa.com\/boston-ma-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Boston<\/a> and <a href=\"https:\/\/www.zoocasa.com\/los-angeles-ca-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Los Angeles<\/a>, the median household income is above $80,000 while the median condo price is $740,000 and $650,000 respectively. That translates to 7.9 months of saving for the typical down payment of $59,200 in Boston and 7.5 months of saving for the typical down payment of $52,000 in Los Angeles.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/trishia-yearwood-tennessee-home\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>See Inside Country Singer Trisha Yearwood\u2019s $4M Tennessee Home<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/washington-dc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Washington DC<\/a> buyers on the other hand have the second-highest median household income, but because condo prices are much more affordable, buyers only need to save for 3.3 months to afford the typical down payment of $28,192.&nbsp;<\/p>\n\n\n\n<p>However, even homebuyers with more modest incomes can still find advantages in markets with lower condo prices. Take <a href=\"https:\/\/www.zoocasa.com\/st-louis-mo-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">St. Louis<\/a> for example, where despite having a lower median household income of $52,941, homebuyers can afford the typical down payment of $17,200 in just 3.9 months.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re a first-time buyer looking to get into the real estate market this year, we can help! <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call <\/a>today to speak with a qualified agent in your area.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Have questions about buying your first home?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>With the national median price of a single-family home nearing $400,000, according to the National Association of Realtors\u00ae, it could take a first-time homebuyer several years to save up enough for a down payment, closing costs, property taxes, and other related expenses. But rising single-family home prices shouldn\u2019t deter first-time buyers from entering the housing [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":28886,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1114,1201,1200,1203,42,1227,4,1198,1207,1205,1223,1236,1209,1213,1224,1239,1210,1219,1235,1211,1220,1202,1190,1228,1208,1221],"tags":[],"class_list":["post-28881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-arizona","category-california","category-colorado","category-condominiums","category-connecticut","category-first-time-home-buyer","category-florida","category-georgia","category-illinois","category-indiana","category-kentucky","category-maryland","category-massachusetts","category-missouri","category-new-mexico","category-new-york","category-ohio","category-oregon","category-pennsylvania","category-tennessee","category-texas","category-united-states","category-virginia","category-washington-d-c","category-wisconsin"],"yoast_head":"<!-- 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