The Surprising Answer To How Quickly Can You Save Your NJ Home Down Payment

Dated: 04/29/2019

Views: 238

Saving for a down payment is often the biggest hurdle for a first-time homebuyer.  Depending on where you live, median income, median rents, and home prices all vary. Here, Team Nest Builder shares how long it takes on average to save for a down payment in each state.

You may be able to buy your NJ home sooner than you think!

Using data from HUD, Census and Apartment List, KeepingCurrentMatters.com determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.

By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, KeepingCurrentMatter.com established how long (in years) it would take for an average resident to save enough money to buy a home of their own.   Below is a map that was created using the data for each state:

How Quickly Can You Save Your Down Payment? | MyKCM


But what if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3%-down programs? Suddenly, saving for a down payment no longer takes 2 to 5 years, but becomes possible in less than a year in most states, including New Jersey, as shown on the map below.

How Quickly Can You Save Your Down Payment? | MyKCM

Bottom Line

Whether you have just begun to save for a down payment or have been saving for years, you may be closer to your dream home than you think! Call Team Nest Builder’s Lynn Garafola at 973-222-3777 to start buying a New Jersey home TODAY! Start searching for your New Jersey home now at TeamNestBuilder.com.  Want more info? Click HERE to download a FREE 2019 Spring Home Buyer Guide!

 

Source:  Keepingcurrentmatters.com


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