{"id":29094,"date":"2024-04-25T06:00:00","date_gmt":"2024-04-25T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=29094"},"modified":"2024-05-06T10:10:37","modified_gmt":"2024-05-06T14:10:37","slug":"how-long-save-down-payment-us-cities","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/how-long-save-down-payment-us-cities\/","title":{"rendered":"Want to Buy a House in the US? Here’s How Long It Will Take to Save for a Down Payment"},"content":{"rendered":"\n

Before browsing properties, talking with a real estate agent, or researching market trends, the first step to homeownership is to save for a down payment. But this is also one of the more challenging and time-consuming aspects of buying a home. According to the National Association of Realtors\u00ae Profile of Home Buyers and Sellers<\/a>, 38% of first-time homebuyers said saving for a down payment was the most difficult step in the home buying process. This is understandable given that the majority of buyers (54%) rely on personal savings to fund their down payment.  So if you\u2019re a prospective buyer hoping to get into the market soon, how long does it actually take to save for a down payment? <\/p>\n\n\n\n

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To find out how long it would take for a median-income household to save for a down payment, Zoocasa analyzed single-family median home prices in 50 cities across the US and calculated what the 15% down payment would be in each. We then analyzed the median household income in each city, according to the most recent US Census Bureau data, and calculated how many years it would take to save for the 15% down payment, assuming they are saving 10% of their annual income. According to the National Association of Realtors\u00ae, in 2023 the median percent down payment for all home buyers was 15%.<\/p>\n\n\n