It takes renters on average of six and one-half years to save a 20% down payment to buy a home. If a buyer puts down 20%, then they do not have to pay private mortgage insurance. According to an article appearing in Florida Realtors the median home price in the United States is $216,000. A 20% down payment would be $43,200. If a person saves 20% of their income each month (which is the amount experts recommend) it would take about six and one-half years to save up the down payment, assuming that the buyer does not have other funds in savings already.
Saving For a Down Payment Can Take 6 1/2 Years
By admin|2018-10-27T07:07:16+00:00July 16th, 2018|Real Estate and Mortgage Attorney News|Comments Off on Saving For a Down Payment Can Take 6 1/2 Years