One Hour can make a difference in what will happen overtime. It’s happened to you in the past – Remember?
One Hour
Every Hour in the US Housing Market:
- 633 Homes Sell
- 253 Homes Regain Positive Equity
- Median Home Values Go Up $1.43
You Can Save For A Down Payment Faster Than You Think
In a 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 of income 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 South Dakota are able to save for a down payment the quickest in just under 3.5 years.
What If You Have Only 3 Years to Save for a down payment
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 Arizona is reported to take 2.8 years for that down payment. Yet have said this there are other ways to speed the process – Just ask.
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