How Much You Need to Save to Buy A Home in the Top 10 Cities

Saving for a down payment can be a major hurdle for you, the would-be home buyers. Financial experts advise breaking down the savings into a daily amount that likely could fit into their budget.

Realtor.com®’s research team analyzed some of the largest urban areas to figure out how much you need to save per day to purchase a home. They took into account the median home listing price and the average down payment for those cities, and then calculated how much you potentially would need to save each day toward a down payment over a five-year or 10-year period.

Take a look at 10 of the cities below and how much buyers would need to save for a five-year plan in saving for an average down payment:

New York City, N.Y.

• Median home price: $413,900
• Average down payment: 17.2% ($71,191 on median-priced home)
• Daily savings goal (5 year-plan): $38.99

Los Angeles, Calif.

• Median home price: $678,000
• Average down payment: 18.3% ($124,074)
• Daily savings goal (5 years): $67.95

Chicago, Ill.

• Median home price: $264,900
• Average down payment: 13.4% ($35,496.60)
• Daily savings goal (5 years): $19.44

Dallas, Texas

• Median home price: $333,400
• Average down payment: 13.6% ($45,342.40)
• Daily savings goal (5 years): $24.83

Houston, Texas

• Median home price: $334,900
• Average down payment: 12.7% ($42,532)
• Daily savings goal (5 years): $23.29

Philadelphia, Pa.

• Median home price: $235,000
• Average down payment: 12.1% ($28,435)
• Daily savings goal (5 years): $15.57

Washington, D.C.

• Median home price: $439,900
• Average down payment: 12.6% ($55,427.40)
• Daily savings goal (5 years): $30.35

Miami, Fla.

• Median home price: $350,000
• Average down payment: 14.1% ($49,349.99)
• Daily savings goal (5 years): $27.03

Atlanta, Ga.

• Median home price: $269,900
• Average down payment: 10% ($26,990)
• Daily savings goal (5 years): $14.78

Boston, Mass.

• Median home price: $449,900
• Average down payment: 16.4% ($73,783.59)
• Daily savings goal (5 years): $40.41
  
  

SOURCE: DAILY REAL ESTATE NEWS

Any questions or comments, feel free to contact James Y. Kuang at (626) 371-5662 or by email: james.kuang@coldwellbanker.com      

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