When asked, most Americans who don't own a home say they'd like to become homeowners someday. So, how long will it really take to save a down payment?
Regardless of current market conditions or the state of the economy, the desire to own a home endures. Part of this is because it helps to build wealth. The other part is homeownership's long-cemented status as a key element of the American dream. So what's keeping aspiring homeowners from pursuing their dream?
Well, one main factor is coming up with a down payment. The down payment is among the biggest obstacles that keep people from buying. Mostly, this is because the traditional 20 percent down payment can be difficult to save. In fact, according to one recent analysis, someone making the median income and saving 10 percent of their earnings each month would take more than seven years to save a down payment on the typical American home. And, because home prices have grown faster than incomes over the past few decades, the amount of time it takes has been increasing.
Fortunately, though, a 20 percent down payment isn't required, depending on the type of loan you choose. Also, where you're looking to buy will affect the amount of time it'll take. If you are interested in finding out how to save for a down payment here in Asheville, NC give us a call. More here.