How Fast Can You Save for a Down Payment?

How Fast Can You Save for a Down Payment? | Simplifying The Market

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 would it take you to save for a down payment in each state?

Using data from the United States Census Bureau and Zillow, 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 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 a 2-bedroom apartment 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.

According to the data, residents in Iowa can save for a down payment the quickest in just under 2 years (1.99). Below is a map created using the data for each state:

How Fast Can You Save for a Down Payment? | Simplifying The Market

What if you only needed to save 3%?

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 5 or 10 years, but becomes attainable in a year or two in many states as shown in the map below.

How Fast Can You Save for a Down Payment? | Simplifying The Market

Bottom Line

Whether you have just started 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 meet up so I can help you evaluate your ability to buy today – give me a call – J.P. Cook – 602-320-4253.

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3440 S Pimlico Court Flagstaff, AZ 86005

$5,800,000
5 Beds
4.5 Baths
6,169 SqFt
Status Active
MLS # 6762902
Property Type Single Family Residence
Price Type --
Discover unparalleled refinement and charm in this breathtaking new construction nestled in the heart of Pine Canyon. Tucked at the end of a quiet cul de sac with stunning peak views, this gorgeous mountain retreat features two split-floorplan primary suites on the main level, a sprawling living space with huge compound slider leading to the massive back deck, high end Pella Impervia windows and doors, and so much more! This is a one-of-a-kind expansive estate, boasting almost 10,000 sq ft under roof and 6,169 livable sq ft. Enjoy luxuriously modern, high end finishes throughout. Estimated completion date: May 15, 2025.

7178 E Ironwood Drive Paradise Valley, AZ 85253

$5,794,245
4 Beds
4.5 Baths
4,568 SqFt
Status Active
MLS # 6716093
Property Type Single Family Residence
Price Type --
BRAND NEW CONSTRUCTION IS THIS SINGLE-LEVEL HOME, DESIGNED AND BUILT BY CULLUM HOMES. IRONWOOD GOLF VILLAS IS AN EXCLUSIVE COMMUNITY OF ONLY EIGHT CUSTOM HOME SITES. EACH SITE OFFERS ONE A HIGHLY DESIRABLE IN-TOWN LOCATION WITH ABUNDANT ROOM FOR A CUSTOMIZED ESTATE HOME. THIS PARTICULAR HOME OFFERS 4,568 SQUARE FEET OF LUXURIOUS LIVING SPACE WITH 4 BEDROOMS, AN OFFICE, 4.5 BATHROOMS, AND A 3-CAR GARAGE WITH A PRIVATE COURTYARD. CONTEMPORARY UPGRADED FEATURES AND DESIGNS ALL THROUGHOUT. VERY SPACIOUS OPEN FLOOR PLAN. ALL STAINLESS-STEEL, TOP-OF-THE-LINE APPLIANCES IN THE KITCHEN. ALL BEDROOMS HAVE OWN EN-SUITE BATH AND WALK-IN CLOSETS. COMMUNITY IS GATED FOR EXTRA PRIVACY AND SECURITY. LOCATED JUST MINUTES AWAY FROM OLD TOWN SCOTTSDALE, PARADISE VALLEY, AND FASHION SQUARE MALL, OFFERING PLENTY OF OPTIONS FOR SHOPPING, RESTAURANTS AND ENTERTAINMENT.

4901 E Tomahawk Trail Paradise Valley, AZ 85253

$5,790,000
6 Beds
8 Baths
8,463 SqFt
Status Active
MLS # 6752947
Property Type Single Family Residence
Price Type --
This home has a beautiful presentation! It is an absolutely gorgeous walled gated estate. Enter thru a dramatic stone archway into an elegant courtyard with a large circular paver drive to the main residence which is not visible from the street. The 6 bedrm estate includes a full guest house w/ kitchen, bedrm + bathrm. The main home has beautiful architectural detail and hickory wood floors, as well as a master with separate sitting rm and expensive mahogany + glass woman's closet, a paneled library, theater + walk in wine rm. The extraordinary backyard has extensive lawns + features an award winning swimming pool with 4 firepits, spillways + waterfalls cascading from real boulders.The gourmet kitchen with 2 pantries opens to the inviting family room which opens to the large theatre.

6601 N Mountain View Drive Paradise Valley, AZ 85253

$5,785,000
6 Beds
6.5 Baths
6,809 SqFt
Status Active Under Contract
MLS # 6748190
Property Type Single Family Residence
Price Type --
This exquisite custom estate is loaded with impeccable quality and unique design elements, and the soft contemporary vibe beautifully combines elegance and comfort. The island kitchen is absolutely gorgeous with every imaginable amenity, the great room is stunning with fully retractable walls of glass that open to the impressive backyard, and the dining room is another alluring space with a temperature-controlled wine room that holds more than 320bottles and french doors that open to a lovely outdoor patio. The magnificent primary suite has a fireplace, morning bar and spa like bath creating an ultra-serene environment, and the additional bedrooms are all ensuite. There's a newly built guest wing that includes another ensuite bedroom, bonus room, large family room and full bath and close

4021 E Claremont Avenue Paradise Valley, AZ 85253

$5,750,000
4 Beds
4.5 Baths
6,155 SqFt
Status Active
MLS # 6775893
Property Type Single Family Residence
Price Type --
One of the most unique homes in Paradise Valley. You pause as the private gate opens revealing the stunning entrance framed by two custom fountains. As you open the incredible hand crafted front door you are overwhelmed by the view from the large. Courtyard. This meticulously well maintained home with lush landscaping offers alfresco dining alongside the sparkling 20' lap pool and spa. focusing directly on Camelback Mountain. Fourteen foot ceilings reign over the large sliding glass windows which disappear into the walls with the push of a button. This house was created for indoor outdoor entertaining. The kitchen, a chef's dream features Gaggenau appliances, a 6x11 soapstone island with Paul Henningsen's Artichoke Lighting above also includes a well appointed butlers pantry. The open kitchen concept embraces a spacious family room and inviting breakfast nook with corner fireplace. Massive exotic Tiger Wood barn doors are featured in the two en-suite guest bedrooms. Virtually every room captures our magical Arizona lighting and views from nearly every room of the three iconic mountains, The Preserve, Mummy and Camelback. Two separate offices, one with distinctive large fireplace allow more than one person to work while home. At the end of the courtyard visit the entertainment room or stay in shape with the private gym adjacent to the large self contained Casita. The air conditioned 3 car garage has additional storage for bikes and holiday decorations. Privately positioned with easy access to AJ's, Global Ambassador, Steak 44, Paradise Valley Country Club and PCDS. Minutes to Phoenix Airport, HWY 51 & 101.

10612 E Winter Sun Drive Scottsdale, AZ 85262

$5,750,000
5 Beds
9 Baths
9,471 SqFt
Status Active
MLS # 6784147
Property Type Single Family Residence
Price Type --
FULL GOLF MEMBERSHIP IS AVAILABLE subject to the club bylaws and membership approval. This gated mediterranean style masterpiece has multiple high-end finishes, including numerous architectural details, recessed lighting, & brick details. Great entertaining home w/ large walk-behind full bar area & temperature-controlled wine room strategically placed between the kitchen, great room, and dining areas. The home has 5 bedrooms, 6 full baths, & 3 half baths. Included in that count is a detached 2-room casita w/ kitchenette and stacked W/D. The 2 oversized 2-car garages make this home perfect for the car enthusiasts. Other features include an elevator, home theater, office, & game room w/ an additional wet bar. The luxurious primary suite bath has plenty of storage & a steam shower. The outdoor living space includes 2 covered BBQ areas and room for both dining & lounging areas. Furniture is available under separate Bill of Sale.

35801 N Meander Way Carefree, AZ 85377

$5,750,000
3 Beds
5 Baths
6,501 SqFt
Status Active
MLS # 6749384
Property Type Single Family Residence
Price Type --
Chic single level contemporary new build completed in 2023 in Carefree on Black Mountain! Nestled on a sprawling mountainside estate spanning 1.6 acres, offering breathtaking vistas of Black Mountain, Boulders Resorts golf courses, and beyond. This architectural gem is a testament to modern luxury living, meticulously crafted with unparalleled attention to detail. Upon entry, you are met with great room, featuring soaring 16-foot ceilings, expansive 30-foot wide glass pocket doors, and a sleek modern fireplace adorned with porcelain slabs. Floor-to-ceiling 10-foot glass walls frame the awe-inspiring views, seamlessly blending the indoors with the natural splendor outside. The European-inspired kitchen is a culinary enthusiast's dream, showcasing a over 15-foot long island finished with luxurious Taj Mahal quartzite, Miele appliances, and a spacious breakfast nook enveloped by sliding glass doors. For added convenience, a full prep/catering kitchen awaits. Step outside to the sprawling 14-foot high ceiling covered patio, featuring limestone floors and a misting system, creating an outdoor oasis to unwind, entertain, and revel in the panoramic views of the valley and city lights. The focal point of the backyard is the exquisite custom negative edge pool and spa, perfect for relaxation and rejuvenation. Retreat to the sumptuous primary suite, complete with dual custom closets and a spa-like bathroom featuring dual water closets, freestanding tub, marble floor and wall surrounds, and a steam shower. Additional rooms include an expansive office with custom bookshelves and a private patio, along with a versatile flex space ideal for a gym, game room, or additional bedroom, offer flexibility to suit your lifestyle. Two spacious ensuite guest rooms complete the guest wing! Designed for modern living, this home boasts a Creston smart home system, allowing for effortless control of lighting, music, HVAC, pool, shades, and security with a simple touch. A 4-car garage with oversized doors, a spacious laundry room with double washer and dryer, and lush turf grass area add to the convenience and allure of this remarkable property. Welcome home!

10184 E Peak Circle Scottsdale, AZ 85262

$5,700,000
4 Beds
4.5 Baths
4,519 SqFt
Status Active
MLS # 6754344
Property Type Single Family Residence
Price Type --
Estancia Golf Membership available * Completely remodeled in 2023 * Elegant residence in the guard-gated community of Estancia with timeless architectural details * The exterior details include an organic composition of dry-stacked stone, stucco and glass with a new concrete tile roof * Sited on an elevated lot with panoramic views of Pinnacle Peak * Split floor plan with a living room, family room that connects to an open kitchen, two guest suites and a dedicated office with full bath providing the flexibility for a fourth bedroom * Interior details include wood plank flooring, granite and quartz countertops, custom-crafted cabinetry, all new custom lighting and dry-stacked stone fireplace surrounds * The resort-style outdoor living space offers a large covered patio, heated pool and spa built-in BBQ station and a gas fireplace *

24863 N 103rd Way Scottsdale, AZ 85255

$5,695,000
4 Beds
4.5 Baths
5,932 SqFt
Status Active
MLS # 6723326
Property Type Single Family Residence
Price Type --
Amazing opportunity for brand new build contemporary styled construction in North Scottsdale! Camelot Homes award winning Cavallo floor plan offers all Single level and the best indoor/outdoor living. Price includes all structural components, wine wall, highly upgraded contemporary cabinets , oversized tile flooring, countertops and tile, electrical and low voltage upgrades as well as 3 en suite bedrooms, casita, office and bonus room along with standard 4 car garage. Amazing views from courtyard and rear yard. Price also includes upgraded pool and landscaping. Pool/landscaping currently being installed. Estimated closing End of the year 2024. Video is from our Bronco model and not representative of home for sale.

3866 S Clubhouse Circle Unit 259 Flagstaff, AZ 86005

$5,695,000
5 Beds
4.5 Baths
6,522 SqFt
Status Active
MLS # 6691628
Property Type Single Family Residence
Price Type --
Situated on one of Pine Canyon's best fairway lots this stunning mountain lodge has dramatic views of the 17th green and the San Fransisco Peaks. The grand ledge stone and wood exterior design continues inside as textured stone columns frame the great room and a stunning floor-to-ceiling ledge stone fireplace takes center stage along with expansive windows and glass double doors to frame the outdoor views. The Great room towers to over 25 feet with a beamed ceiling and partially surrounded by the wood and metal railings of the upper loft area. This very special home features two primary suites, each with its own fireplace and luxurious bath. The Great room floor plan blends the the living, dining and kitchen areas altogether. Between the the Great room and dining area is a ... wet bar with wine and beverage coolers as well as a sumptuous powder room. The dining area has room for family and guests. The country kitchen is a chefs delight with a large butcher board and granite center island, Viking appliances and a walk-in pantry. You enter the outdoor patio deck from either the Great room or kitchen. Its a great place to enjoy the fabulous views, relax in the hot tub, or to enjoy a barbecue. The main level laundry/craft room is the access into the large 3 car garage. The lower walk-out level includes a large media/game room with a large sitting area with fireplace and a separate area for the pool table. This all opens to two covered patios with similar golf course and mountain views as the main deck above. The lower level also includes 2 bedrooms, a large bunk room, 2 baths and two large mechanical closets with an abundance of storage. The loft includes a comfy office, a large seating area and half bath (This seating area can easily be converted to a spacious guest en-suite by adding a shower to the half bath). High end finishes abound in including ledge stone and steal fireplace surrounds, hardwood flooring, floating vanities, custom wood and metal railings and beamed and tongue & groove ceiling treatments. This is Pine Canyon living at its best.

12913 N 119th Street Scottsdale, AZ 85259

$5,600,000
7 Beds
11 Baths
11,548 SqFt
Status Active
MLS # 6743300
Property Type Single Family Residence
Price Type --
BREATHTAKING VIEWS, ULTIMATE PRIVACY AND ENTERTAINER'S DREAM in this guard gated golf club community. Perched on a hill in the back of the neighborhood, this home gives you the feeling of being on top of the world as you step out onto one of the many balconies where you can enjoy unobstructed views of Camelback Mountain and the shimmering city lights below. Imagine hosting ultimate gatherings in a home that's designed for entertaining! This paradise offers your very own movie theater, billiard room with bar, fitness center with sauna, wine cellar, sprawling open-concept living and kitchen area that flows effortlessly into a fully equipped bar and outdoor patio. A spa and 2 beautiful pools with waterfalls share a private courtyard space. Main house includes a separate guest quarters -- along with an additional detached guest house adjacent to the courtyard pool. Even a 7 CAR GARAGE including space for an RV or boat! This home is more than just a place to live - it's a venue for experiences....a perfect escape from the hustle and bustle of everyday life while still being close to all amenities and events Scottsdale has to offer!

5455 E Berneil Drive Paradise Valley, AZ 85253

$5,595,000
5 Beds
5.5 Baths
7,010 SqFt
Status Active
MLS # 6753337
Property Type Single Family Residence
Price Type --
This luxurious estate is located in the gated Hidden Paradise neighborhood of Paradise Valley, an exclusive enclave known for its seclusion and prestige, featuring 17 exceptional homes which are rarely on the market. As you approach the property, the beautifully landscaped grounds catch your eye, leading you to the circle driveway with a porte-cochère. The grand entrance of the home features a striking 10-foot door that opens into a beautiful stone foyer, offering a glimpse straight through the living room and out to the outdoor spaces. The recently renovated home boasts stunning grounds, light and bright lavish interiors with spacious rooms, soaring ceilings and expansive high windows that bring the outdoors inside. New hardwood floors add warmth and elegance to every room,

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