[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f3my2ftd4l3rbx":3,"$ffeh0925h8cuz":47,"$f2emv3tus0uf1":51,"$fbwk2pqjjqsc7":55},{"item":4,"previous":35,"next":41},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":33,"updatedAt":34},1334,"how-quickly-can-you-save-your-down-payment","How Quickly Can You Save Your Down Payment? ","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. So, we set out to find out how long it would take to save for a down payment in each state.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F17105435\u002F20190429-Share-KCM.jpg","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. So, we set out to find out how long it would take to save for a down payment in each state.\u003C!--more-->\r\n\r\nUsing data from \u003Ca href=\"https:\u002F\u002Fwww.huduser.gov\u002Fportal\u002Fdatasets\u002Fil\u002Fil18\u002FMedians2018r.pdf\">\u003Cem>HUD\u003C\u002Fem>\u003C\u002Fa>, \u003Ca href=\"https:\u002F\u002Fwww.census.gov\u002Fsearch-results.html?q=median+income+by+state&search.x=0&search.y=0&search=submit&page=1&stateGeo=none&searchtype=web\">\u003Cem>Census\u003C\u002Fem>\u003C\u002Fa> and \u003Ca href=\"https:\u002F\u002Fwww.apartmentlist.com\u002Frentonomics\u002Frental-data\u002F\">\u003Cem>Apartment List\u003C\u002Fem>\u003C\u002Fa>\u003Cem>,\u003C\u002Fem> we 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 \u003Ca href=\"http:\u002F\u002Fwww.investopedia.com\u002Fterms\u002Ft\u002Ftwenty-eight-thirty-six-rule.asp\">long-standing ‘rule’\u003C\u002Fa> that a household should not pay more than 28% of their income on their monthly housing expense.\r\n\r\nBy determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.\r\n\r\nAccording to the data, residents in Kansas can save for a down payment the quickest, doing so in just over 1 year (1.12). Below is a map that was created using the data for each state:\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F20190429-ENG-STM1.jpeg\">\u003Cimg class=\"aligncenter wp-image-39534\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F20190429-ENG-STM1.jpeg\" alt=\"How Quickly Can You Save Your Down Payment? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\u003Ch4>\u003Cstrong>What if you only needed to save 3%?\u003C\u002Fstrong>\u003C\u002Fh4>\r\nWhat if you were able to take advantage of one of \u003Cem>Freddie Mac’s\u003C\u002Fem> or \u003Cem>Fannie Mae’s\u003C\u002Fem> 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, as shown on the map below.\r\n\r\n\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F20190429-ENG-STM2.jpeg\">\u003Cimg class=\"aligncenter wp-image-39535\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F20190429-ENG-STM2.jpeg\" alt=\"How Quickly Can You Save Your Down Payment? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\u003Ch3>\u003Cstrong> Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nWhether 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! Let’s get together to help you evaluate your ability to buy today.","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. So, we set out to find out how long it would take to save for a down payment in each state.\u003C!--more-->\r\n\r\nUsing data from \u003Ca href=\"https:\u002F\u002Fwww.huduser.gov\u002Fportal\u002Fdatasets\u002Fil\u002Fil18\u002FMedians2018r.pdf\">\u003Cem>HUD\u003C\u002Fem>\u003C\u002Fa>, \u003Ca href=\"https:\u002F\u002Fwww.census.gov\u002Fsearch-results.html?q=median+income+by+state&search.x=0&search.y=0&search=submit&page=1&stateGeo=none&searchtype=web\">\u003Cem>Census\u003C\u002Fem>\u003C\u002Fa> and \u003Ca href=\"https:\u002F\u002Fwww.apartmentlist.com\u002Frentonomics\u002Frental-data\u002F\">\u003Cem>Apartment List\u003C\u002Fem>\u003C\u002Fa>\u003Cem>,\u003C\u002Fem> we 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 \u003Ca href=\"http:\u002F\u002Fwww.investopedia.com\u002Fterms\u002Ft\u002Ftwenty-eight-thirty-six-rule.asp\">long-standing ‘rule’\u003C\u002Fa> that a household should not pay more than 28% of their income on their monthly housing expense.\r\n\r\nBy determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.\r\n\r\nAccording to the data, residents in Kansas can save for a down payment the quickest, doing so in just over 1 year (1.12). Below is a map that was created using the data for each state:\r\n\r\n\u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F20190429-ENG-STM1.jpeg\">\u003Cimg class=\"aligncenter wp-image-39534\" src=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F20190429-ENG-STM1.jpeg\" alt=\"How Quickly Can You Save Your Down Payment? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\u003Ch4>\u003Cstrong>What if you only needed to save 3%?\u003C\u002Fstrong>\u003C\u002Fh4>\r\nWhat if you were able to take advantage of one of \u003Cem>Freddie Mac’s\u003C\u002Fem> or \u003Cem>Fannie Mae’s\u003C\u002Fem> 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, as shown on the map below.\r\n\r\n\u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F20190429-ENG-STM2.jpeg\">\u003Cimg class=\"aligncenter wp-image-39535\" src=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F20190429-ENG-STM2.jpeg\" alt=\"How Quickly Can You Save Your Down Payment? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\u003Ch3>\u003Cstrong> Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nWhether 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! Let’s get together to help you evaluate your ability to buy today.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F20190429-ENG-STM1.jpeg",false,[17,21,25,29],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},6,"For Sellers","sellers",{"id":26,"name":27,"slug":28},11,"First-Time Buyers","first-time-buyers",{"id":30,"name":31,"slug":32},38,"Move-Up","move-up","2019-04-29T10:00:54Z","2019-04-17T14:23:02Z",{"id":36,"slug":37,"title":38,"featuredImage":39,"publishedAt":40,"contentType":10,"isVideo":15},1333,"existing-home-sales-slow-to-start-spring-infographic","Existing Home Sales Slow to Start Spring [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F23164814\u002F20190426-Share-KCM.jpg","2019-04-26T10:00:30Z",{"id":42,"slug":43,"title":44,"featuredImage":45,"publishedAt":46,"contentType":10,"isVideo":15},1335,"what-would-make-you-sell-your-house","What Would Make You Sell Your House? ","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F04\u002F29173428\u002F20190430-Share-KCM.jpg","2019-04-30T10:00:31Z",{"cover":48,"open":49,"shareSpread":50},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",{"cover":52,"open":53,"shareSpread":54},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Magazine-original.png",[56,60,61,62,66,70,74,75,79,83,84,88,92,96,100,104,108,112,116,120,124,128,132,136,140,144,148,152,156,160],{"id":57,"name":58,"slug":59},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":22,"name":23,"slug":24},{"id":63,"name":64,"slug":65},7,"Foreclosures","foreclosures",{"id":67,"name":68,"slug":69},8,"Infographics","infographics",{"id":71,"name":72,"slug":73},9,"Home Prices","home-prices",{"id":26,"name":27,"slug":28},{"id":76,"name":77,"slug":78},34,"Senior Market","senior-market",{"id":80,"name":81,"slug":82},35,"Mortgage Rates","mortgage-rates",{"id":30,"name":31,"slug":32},{"id":85,"name":86,"slug":87},41,"For Sale by Owner","for-sale-by-owner",{"id":89,"name":90,"slug":91},42,"Featured","featured",{"id":93,"name":94,"slug":95},45,"New Construction","new-construction",{"id":97,"name":98,"slug":99},52,"Luxury \u002F Vacation","luxury--vacation",{"id":101,"name":102,"slug":103},53,"Rent vs. Buy","rent-vs-buy",{"id":105,"name":106,"slug":107},80,"Time-sensitive","time-sensitive",{"id":109,"name":110,"slug":111},81,"Outdated","outdated",{"id":113,"name":114,"slug":115},147,"Internal","internal",{"id":117,"name":118,"slug":119},148,"Do Not Autopost","do-not-autopost",{"id":121,"name":122,"slug":123},320,"Inventory","inventory",{"id":125,"name":126,"slug":127},321,"Agent Value","agent-value",{"id":129,"name":130,"slug":131},322,"Affordability","affordability",{"id":133,"name":134,"slug":135},323,"Buying Tips","buying-tips",{"id":137,"name":138,"slug":139},324,"Downsize","downsize",{"id":141,"name":142,"slug":143},325,"Economy","economy",{"id":145,"name":146,"slug":147},326,"Equity","equity",{"id":149,"name":150,"slug":151},327,"Forecasts","forecasts",{"id":153,"name":154,"slug":155},328,"Selling Tips","selling-tips",{"id":157,"name":158,"slug":159},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":161,"name":162,"slug":163},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]