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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9112 S 15th Way Phoenix, AZ 85042

$590,000
3 Beds
2 Baths
2,214 SqFt
Status Active
MLS # 6780934
Property Type Single Family Residence
Price Type --
What a RARE find! Located in the gated Montana Vista Estates, this beautiful 3-bedroom home will leave you in awe. Its charm starts with a manicured landscape & a 3-car garage w/paver driveway. Fabulous interior features abundant natural light, archways, neutral paint, and stone tile flooring w/carpet in bedrooms. You'll LOVE the separate living room & a formal dining room w/wood-look floors! The gourmet kitchen boasts granite counters, recessed lighting, a pantry, wood cabinetry, a large island, a breakfast bar, and SS appliances w/cooktop gas. Main bedroom has an ensuite with dual sinks, separate tub/shower, & a walk-in closet. The spacious back & side yards offer a fireplace and two covered patios. This gem also sits on a corner lot by the Community gate, with mountain views! Just WOW!

17899 W Mountain Sky Avenue Goodyear, AZ 85338

$590,000
3 Beds
2 Baths
2,139 SqFt
Status Active
MLS # 6786759
Property Type Single Family Residence
Price Type --
Resort-style living in this stunning 2,138 sqft, 3 Bed/2 Bath home in the gated Cantamia community is guaranteed. This 2023 Maestro new build model includes a spacious TRUE huge 3-car extended-epoxied garage, coveted North/South exposure, and a home office which crescendo into a stylish living space. Upgraded kitchen with quartz countertops, maple cabinetry, accented with high-end GE Café appliances completes this stylish retreat. The luxurious primary ensuite includes dual vanities, ample sized walk in shower, and a custom walk-in closet for a spa-like feel. The orchestrated chicness continues as you step from your open-concept modern home through the 12' upgraded slider to a backyard professionally curated with artificial turf and paver patios to enjoy the outdoors. Come See it Today!

1258 W Plane Tree Avenue San Tan Valley, AZ 85140

$590,000 - 5Br/3Ba -  for Sale in Ironwood Crossing Unit 3c 2012081598, San Tan Valley
New
$590,000
5 Beds
3 Baths
2,881 SqFt
Status Active
MLS # 6787613
Property Type Single Family Residence
Price Type --
Don't miss this 5 bedroom/3 bath home located in the sought after community of Ironwood Crossing. This home features a desirable open concept floor plan with tons of natural light and OWNED SOLAR PANELS!!!. The gourmet kitchen has an oversized island with seating, granite countertops, beautiful upgraded cabinetry, gas cooktop, and a walk in pantry. Large primary bedroom boasts a huge walk in closet, dual sinks and a separate tub and shower. All secondary bedrooms are spacious and have a walk-in closet. Guest bedroom has it's own wing with a bath that has a walk in shower. This home also has a separate den/office and a generous backyard with a covered patio. Community offers pools/spas, clubhouse, pickleball courts, splash pads, playgrounds, basketball & volleyball courts!

7243 E Nopal Avenue Mesa, AZ 85209

$590,000
4 Beds
3 Baths
2,352 SqFt
Status Active
MLS # 6775119
Property Type Single Family Residence
Price Type --
New roof with a 20 yr warranty on this 4 bed / 3 bath with den spacious home. Vaulted ceilings in front room, new flooring in the den and all upstairs. The Kitchen has an eat-in area, a breakfast bar with a new kitchen sink, new faucet, new disposal, new plumbing, new appliances with a gas range, new ceiling LED kitchen lights and the cabinets have new sliders. Laundry room has new built-ins for extra storage. New windows with transferable warranty in the master suite & master bathroom. The other three spacious bedrooms have new closet built-ins. Fully remodeled bathrooms & new tile floors. The pool has been resurfaced, new pump filter, new back patio cover, and misters. New court yard & front landscape are completely remodeled with new turf, plants, pavers a new side gate and RV gate!

35713 N 32nd Avenue Phoenix, AZ 85086

$590,000
4 Beds
2 Baths
2,061 SqFt
Status Active
MLS # 6741668
Property Type Single Family Residence
Price Type --
Welcome Home! This Stunning Split Floor plan 4 bedroom, 2 bath home is located in the highly sought-after community of Tramonto and features an eat in kitchen with granite countertops, beautiful Maple cabinets with plenty of storage, wine rack built in, upgraded backsplash and Stainless appliances with New Dishwasher, fixtures and hardware throughout. Primary Suite has a large remodel spa like ensuite with new tile, new double sinks, free standing tub & walk-in shower and large walk-in closet. New interior and exterior paint. New luxury vinyl plank flooring, tall baseboards, new light fixtures, fans and LED recessed ceiling lights and new outlets/switches. Second bath is fully remodeled with a new tub, tile, vanity, mirror and much more. Park all your toys in the third garage or wander outside and discover new landscaping, pavers and a covered patio perfect for al fresco dining. Enjoy the community's amenities including walking paths, a children's playground, and a sparkling pool and spa. With its superb location close to schools and every modern convenience, this home offers the perfect blend of comfort, elegance, and convenience for your discerning lifestyle. Prime location near I-17 & Loop 303 freeways, making commuting a breeze. Ideal for those connected to the nearby TSMC plant or seeking proximity to Lake Pleasant. Corner lot with North/ South exposure. This is a must see!!! Refrigerator, Washer and Dryer stay.

16048 W Mercer Lane Surprise, AZ 85379

$590,000
5 Beds
3 Baths
3,451 SqFt
Status Active
MLS # 6715329
Property Type Single Family Residence
Price Type --
Check out the Great Curb Appeal at this Nice 5 bedroom, 3 bath, 3451 sq. ft., 3 car garage home in Greer Ranch South, Surprise, AZ. New carpeting and interior paint. Low maintenance front yard leads you to the front door. Vaulted ceilings and large rooms greet your entry to this home along with a spacious open eat-in kitchen granite counter tops, stainless steel appliances and ample cabinet space. Looking for a formal dining space? Found! Relax and hide in the Great Room downstairs or the spacious upstairs Media Room. Large Primary Suite with a large walk in closet, private bath with separate shower and tub. The backyard includes a covered patio and a pool to keep you cool. This could be your next ''New To You'' home.

19233 W Coolidge Street Litchfield Park, AZ 85340

$590,000
4 Beds
3 Baths
2,649 SqFt
Status Active
MLS # 6715943
Property Type Single Family Residence
Price Type --
**Welcome to Your New Home!** This stunning 4-bedroom, 3-bathroom residence offers the perfect blend of luxury and functionality, featuring a full apartment casita with its own private entrance, ideal for guests, extended family or rental income. Highlights include: - **Spacious Main House:** Open floor plan with a bright and airy living space, modern kitchen, and elegant finishes throughout. - **Private Apartment Casita:** Self-contained unit with a living area, kitchen, bedroom, and bathroom, perfect for extended family or rental potential. - **3-Car Garage:** Ample space for vehicles, storage, and hobbies. - **Completed Backyard:** Beautifully landscaped for relaxation and entertainment. - **Installed Solar Panels:** Enjoy significant savings on your energy bills and contribute to a greener planet. Located close to top-rated schools, shopping, and recreational facilities, this home offers convenience and comfort in one package. Don't miss out on this rare find! Contact us today to schedule a viewing and make this exceptional property yours.

9710 W Campana Drive Sun City, AZ 85351

$590,000
3 Beds
3 Baths
1,832 SqFt
Status Active
MLS # 6717251
Property Type Single Family Residence
Price Type --
Presenting a well maintained 3-bedroom residence complemented by an expansive Arizona Room, this property boasts refined additions and enhancements. Nestled in a Cul De Sac, The residence encompasses a total area of 1832 square feet plus An expansive addition completed in 2018 supplements the property with an additional 1169 square feet, offering versatile parking spaces. The property is thoughtfully outfitted with triple pane windows, ensuring superior insulation against both sound and heat. Noteworthy recent upgrades include a new AC unit installed in 2021, along with a water heater of the same year. The oven and stove top were replaced in 2019. Maintenance and improvements extend to the infrastructure, with sewer lines and clean outs updated during the 2017 addition. The exterior features a freshly painted back wall, benefiting from a five-year warranty, with two years remaining. . The roof was replaced in 2018, with insurance coverage through AAA. To accommodate discerning buyers, seller financing terms may be considered.

706 E Washington Street Unit 128 Phoenix, AZ 85034

$590,000
2 Beds
2.5 Baths
1,880 SqFt
Status Active
MLS # 6732346
Property Type Townhouse
Price Type --
Welcome to urban living at its finest in this modern and stylish loft in the heart of downtown Phoenix. Within walking distance of event centers, fine dining, the lightrail, and so much more, this industrial-chic loft features an open floor plan with soaring ceilings, large luxury tile floors, and big windows that flood the space with natural light. The sleek kitchen boasts stainless steel appliances, granite countertops, and plenty of cabinet space for all your culinary needs. The spacious bedrooms offer a private retreat with 2 bathrooms. Enjoy the convenience of in-unit laundry and a designated parking space as well as a secure 1 car garage. Outside, this corner unit has its own private side yard perfect for pets. The third story patio offers views of Chase Field, Phoenix skyscrapers, and perfect for enjoying our spectacular Arizona sunsets.

6703 N 12th Street Phoenix, AZ 85014

$590,000
5 Beds
3 Baths
2,673 SqFt
Status Active
MLS # 6729358
Property Type Single Family Residence
Price Type --
Discover this unique single-level home within the Madison Simis boundaries! Boasting 5 bedrooms and 3 bathrooms, this spacious residence features a remodeled master bedroom and bathroom, along with a beautifully renovated kitchen equipped with granite countertops and stainless steel appliances. Recent upgrades include exterior paint and a heat pump (2017). New exterior paint! The property offers two RV gates and sits on a generous corner lot, providing ample space for parking your toys. Conveniently located in Mid-Town, you'll have easy access to shopping, restaurants, and public transit. This versatile home is perfect for a potential assisted living facility, group home, or extended family living.

1144 Christopher Creek Loop Payson, AZ 85541

$590,000
2 Beds
2 Baths
1,392 SqFt
Status Active
MLS # 6742443
Property Type Single Family Residence
Price Type --
Beat summer heat with a mountain retreat, or perhaps have a white Christmas! TWO HOMES on over TWO ACRES of tall pines (303-10-107A and 107B) & national forest on 2 sides! Versatile property, & a rare opportunity for a four-season get-away or as a rental property. Classic mountain cabin + guest cottage are located right on the loop in Christopher Creek, less than 2 mi on the adjacent forest road up to the spring-fed headwaters! It's a gorgeous area for hiking, picnicking, & fishing (seasonal bi-weekly stocking w/trout,etc). Unique main home has a master bedroom with an amazing view from the balcony, as well as an add'l loft area. Open style floorplan, with oak floors & large windows on three sides for plenty of natural light; there's a woodstove to cozy up to on cool evenings. CLICK: Custom bath features stone and glass brick walls & loads of storage; separate laundry room. Kitchen has an island with granite countertops, & the large decks (over 700 s.f.) in front & back offer the perfect setting for relaxation, entertaining, and watching the wildlife that meander through. Darling studio-style cottage provides additional space for overflow, guests, or tenants, complete with its own kitchenette and a bath with shower. This property is on a shared well, with this listing owning two of the three shares; further, the neighbor who owns a third share has drilled his own and has never hooked into this well. It's a rare opportunity to enjoy a secluded but conveniently located piece of paradise, right in the middle of the most beautiful forest in Arizona, with unparalleled opportunities for hiking, camping, fishing, stargazing, and more. Treat yourself to a beautiful drive, and come check it out! Seller and listing agents are related.

20630 W Grandview Drive Buckeye, AZ 85396

$590,000
4 Beds
3 Baths
2,600 SqFt
Status Active
MLS # 6741192
Property Type Single Family Residence
Price Type --
***$10,000.00 seller concessions for upgrades, carpet, etc***This stunning corner lot home is located directly across the street from a beautiful children's park and features a spacious open concept living area with a sizeable kitchen-perfect for entertaining. The primary bedroom includes a walk-in closet and en-suite bathroom with dual sinks, a soaking tub, and separate shower. The backyard is an empty slate that can be customized to your liking and the large front porch is ideal for relaxing and enjoying the neighborhood, complete with a porch swing for added charm. The two car garage offers plenty of storage space for all of your toys. Enjoy the small town feel of Verrado with its tree-lined streets, community events and friendly neighbors.

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