Saving for a Down Payment

Dated: 03/15/2013

Views: 692

Are you itching to buy a home? Well here’s some fantastic insight from Trulia about how long it takes to save enough money for a down payment. The calculations assume saving 10% of your median weekly salary for the area and putting 20% down on a 2,000 sq ft home. According to Trulia with a median weekly salary of $783 and a price per sq ft of $108 it will take 9.9 years to save enough for a 20% down payment.


There are obviously many unique situations, but this data from Trulia really gives you a great overview of what it might take to save enough for a down payment if you sit in the generalized situation for the Charleston area.


Does 9.9 years sound too long? Here are some ideas to save enough money for a down payment faster.

  • Save your tax refund
  • Save more than 10% of your income
  • Get a mortgage requiring less than 20% down
  • Take on a temporary/seasonal second job or work overtime (this is a quick way to save money if you have the flexibility in your schedule)
  • Put part of your house fund in an IRA (Retirement accounts generally earn more interest than savings accounts and if you are a first time home buyer you can withdraw up to $10,000 for a down payment)

Blog author image

Hank Johnson

Hank Johnson, a graduate of The Citadel, has a proven track record as a CFO, businessman, Entrepreneur and real estate investor. Hank has been active and successful in the Charleston community for ove....

Latest Blog Posts

A Storm Named Florence

For the most part, hurricane Florence passed by our area with very little storm impact. A few strong wind gusts and high surf caused minimal destruction to property and beaches. After the storm,

Read More

It Is Time To Fall Back

It’s unbelievable to me that it’s almost the 2017 Holiday Season already! Does time seem to be going faster for everyone else, or just me? I guess the silver lining is that on Sunday, November

Read More

Energy Saving Home Ideas

As the leaves change color and the temperatures drop, it may be time for a few DIY projects to help keep your home warm and cozy while still keeping your energy bills low. Here are a few suggestions

Read More

Color Your World

When it's time to sell your home, most Realtors may suggest that you paint the interior walls of your home a "neutral" color. This allows the buyer to envisions their belongings and lifestyle in

Read More