{"id":1643,"date":"2021-04-19T13:29:31","date_gmt":"2021-04-19T13:29:31","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1643"},"modified":"2021-04-19T13:29:31","modified_gmt":"2021-04-19T13:29:31","slug":"much-time-need-save-payment","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/much-time-need-save-payment\/","title":{"rendered":"How Much Time Do You Need To Save for a Down Payment?"},"content":{"rendered":"
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How Much Time Do You Need To Save for a Down Payment?<\/p><\/div>\n

One of the biggest hurdles homebuyers face is saving for a down payment. As you\u2019re budgeting and planning for your home purchase, you\u2019ll want to understand how much you\u2019ll need to put down and how long it will take you to get there. The process may actually move faster than you think.<\/p>\n

Using\u00a0data<\/a>\u00a0from the\u00a0U.S. Department of Housing and Urban Development<\/em>\u00a0(HUD) and\u00a0Apartment List<\/em><\/a>,<\/em>\u00a0we can estimate how long it might take someone earning the median income and paying the median rent to save up for a down payment on a median-priced home. Since saving for a down payment can be a great time to practice budgeting for housing costs, this estimate also uses the\u00a0concept<\/a>\u00a0that a household should not pay more than 28% of their total income on monthly housing expenses.<\/p>\n

According to the data, the national average for the time it would take to save for a 10% down payment is right around two and a half years (2.53). Residents in Iowa can save for a down payment the fastest, doing so in just over one year (1.31). The map below illustrates this time (in years) for each state:<\/p>\n

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Years to Save a 10% Down Payment<\/p><\/div>\n

What if you only need to save 3%?<\/strong><\/h4>\n

What if you\u2019re able to take advantage of one of the 3% down payment programs available? It\u2019s a common\u00a0misconception<\/a>\u00a0that you need a 20% down payment to buy a home, but there are actually more affordable options and down payment assistance programs available, especially for first-time buyers. The reality is,\u00a0saving for a 3% down payment may not take several years<\/strong>. In fact, it could take less than a year in most states, as shown in the map below:<\/p>\n

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Years to Save a 3% Down Payment<\/p><\/div>\n

Bottom Line<\/strong><\/h3>\n

Wherever you are in the process of saving for a down payment, you may be closer to your dream home than you think. Let\u2019s connect to explore the down payment options available in our area and how they support your plans.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

One of the biggest hurdles homebuyers face is saving for a down payment. The process may actually move faster than you think. Finish Reading How Much Time Do You Need To Save for a Down Payment?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,43,268,10,16,27,91,52,25,9,49,42,20,12,24,47,19],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1643"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1643"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1643\/revisions"}],"predecessor-version":[{"id":1647,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1643\/revisions\/1647"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}