{"id":630,"date":"2017-02-03T00:00:00","date_gmt":"2017-02-03T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/saving-for-a-down-payment-this-is-how-long-it-will-take\/"},"modified":"2017-02-03T00:00:00","modified_gmt":"2017-02-03T00:00:00","slug":"saving-for-a-down-payment-this-is-how-long-it-will-take","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/saving-for-a-down-payment-this-is-how-long-it-will-take\/","title":{"rendered":"Saving for a Down Payment? This is How Long It Will Take"},"content":{"rendered":"

[ad_1]
\n<\/p>\n

\n <\/p>\n
<\/p>\n

Depending on where you live, saving for a down payment can take several years of financial planning. For example, in some markets, it may take the average person nearly a decade to save enough to buy a home. In California, that especially rings true.<\/p>\n

\n

Read more<\/strong>: Ease Your Buyers’ Down Payment Woes<\/span><\/a><\/p>\n<\/blockquote>\n

California is home to four of the five cities on a recent list by SmartAsset of the places where it takes the longest to save for a down payment: San Francisco, Los Angeles, San Jose, and San Diego.<\/p>\n

SmartAsset scanned the data on median home prices and median household income in the 15 largest cities in the U.S. From there, researchers calculated how long it would take for a household to save enough for a 20 percent down payment if consumers saved 20 percent of their incomes. (Note: Buyers are not required to have 20 percent down for a mortgage<\/a>. It\u2019s often recommended, but buyers can take advantage of several other low-down payment loan offerings<\/a>.)<\/p>\n

Here\u2019s how many years buyers can expect to wait to save enough to afford a 20 percent down payment in these cities:<\/p>\n

    \n
  1. San Francisco, Calif.: 9.84 years<\/li>\n
  2. Los Angeles, Calif.: 9.38<\/li>\n
  3. New York, N.Y.: 9.27<\/li>\n
  4. San Jose, Calif.: 7.20<\/li>\n
  5. San Diego, Calif.: 7.01<\/li>\n
  6. Chicago, Ill.: 4.59<\/li>\n
  7. Austin, Texas: 4.17<\/li>\n
  8. Philadelphia, Pa.: 3.80<\/li>\n
  9. Phoenix, Ariz.: 3.45<\/li>\n
  10. Dallas, Texas: 3.09<\/li>\n
  11. Jacksonville, Fla.: 2.92<\/li>\n
  12. Houston, Texas: 2.85<\/li>\n
  13. Columbus, Ohio: 2.83<\/li>\n
  14. Indianapolis, Ind.: 2.82<\/li>\n
  15. San Antonio, Texas: 2.50<\/li>\n<\/ol>\n

    Source: \u201cYears of Work Needed to Afford a Down Payment in 15 Cities<\/a>,\u201d SmartAsset.com (Jan. 31, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

    [ad_2]
    \n
    Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    [ad_1] Depending on where you live, saving for a down payment can take several years of … Saving for a Down Payment? This is How Long It Will Take<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":631,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[981,1403,625,12908,543,617,408,41,818,15296],"class_list":["post-630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-a-house","tag-buy","tag-down-payment","tag-home","tag-home-buying-guide","tag-house","tag-mortgage","tag-property","tag-real","tag-target"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/VoM6k17YP-s","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7323,"url":"https:\/\/amazingproperty.com.ng\/blog\/cities-that-recovered-the-most-from-recession\/","url_meta":{"origin":630,"position":0},"title":"Cities That Recovered the Most From Recession","author":"Amazing Property","date":"December 4, 2017","format":false,"excerpt":"During the Great Recession, home values dropped an average of 30 percent in several metros. Now, nearly a decade later, how are those markets faring? SmartAsset, a personal finance resource, sought to pinpoint the metros that have recovered the most since the recession. They factored in several metrics, including the\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Smartasset Chart.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/SmartAsset%20chart.png?fit=598%2C734&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/SmartAsset%20chart.png?fit=598%2C734&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/SmartAsset%20chart.png?fit=598%2C734&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7022,"url":"https:\/\/amazingproperty.com.ng\/blog\/10-cities-where-residents-are-feeling-richer\/","url_meta":{"origin":630,"position":1},"title":"10 Cities Where Residents Are Feeling Richer","author":"Amazing Property","date":"November 9, 2017","format":false,"excerpt":"More households are feeling richer across the country. But in a handful of cities, residents are seeing incomes skyrocket. SmartAsset, a personal finance site, evaluated the cities where incomes are growing\u00a0the fastest by analyzing median household income data from 2015 and 2016.\u00a0 Tech hubs have seen the biggest jumps in\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Smartasset Incomechart.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/SmartAsset_incomechart.png?fit=600%2C445&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/SmartAsset_incomechart.png?fit=600%2C445&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/SmartAsset_incomechart.png?fit=600%2C445&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7116,"url":"https:\/\/amazingproperty.com.ng\/blog\/rental-costs-are-still-surging-in-these-cities\/","url_meta":{"origin":630,"position":2},"title":"Rental Costs Are Still Surging in These Cities","author":"Amazing Property","date":"November 15, 2017","format":false,"excerpt":"Rents have been slowing in many areas, but exceptions are still giving renters sticker shock. Rents in the nation\u2019s largest cities, in particular, continue to grow. Nearly half of renters\u2014or 46 percent\u2014devote more than 30 percent of their income to rent, according to Census Bureau data. Economists consider that \u201ccost-burdened.\u201d\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Smartasset Rentallist.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/SmartAsset_rentallist.png?fit=611%2C1083&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/SmartAsset_rentallist.png?fit=611%2C1083&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/SmartAsset_rentallist.png?fit=611%2C1083&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7827,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-most-affordable-beach-towns-in-the-u-s\/","url_meta":{"origin":630,"position":3},"title":"The Most Affordable Beach Towns in the U.S.","author":"Amazing Property","date":"January 17, 2018","format":false,"excerpt":"Homes along the beach tend to command a premium. But for buyers who dream of living near the water, they may still be able to find a beach-town bargain. Gulfport, Miss., was named the most affordable beach town in America for the third consecutive year, according to a new analysis\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Smartassetbeachtowns.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/SmartAssetBeachtowns.png?fit=596%2C988&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/SmartAssetBeachtowns.png?fit=596%2C988&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/SmartAssetBeachtowns.png?fit=596%2C988&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":806,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-10-most-affordable-places-to-live-in-u-s\/","url_meta":{"origin":630,"position":4},"title":"The 10 Most Affordable Places to Live in U.S.","author":"Amazing Property","date":"February 16, 2017","format":false,"excerpt":"Most Affordable Places in America Home affordability is more than the price a buyer agrees to pay a seller. In a new study, SmartAsset factored in closing costs, real estate taxes, homeowner\u2019s insurance, and mortgage rates for every county and city in the U.S. with a population of more than\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5044,"url":"https:\/\/amazingproperty.com.ng\/blog\/most-undervalued-u-s-cities-in-2017\/","url_meta":{"origin":630,"position":5},"title":"Most Undervalued U.S. Cities in 2017","author":"Amazing Property","date":"June 23, 2017","format":false,"excerpt":"[ad_1] SmartAsset, a personal finance technology company, has analyzed its second annual round of undervalued cities in the U.S. Each city had a projected price per square foot based on livability metrics such as unemployment rate, crime, high school graduation rates, number of entertainment and dining establishments, and walkability. SmartAsset\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/SmartAsset%20chart.png?fit=598%2C543&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/SmartAsset%20chart.png?fit=598%2C543&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/SmartAsset%20chart.png?fit=598%2C543&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=630"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/631"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}