Saving for a down payment is often the biggest hurdle for a first-time CT home-buyer. Median income, median rents, and home prices all vary in CT. So, I set out to find how long it would take you to save for a down payment in Connecticut.
Using data from the United States Census Bureau and Zillow, I determined how long it would take for a first-time buyer in CT 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 apartmen, and the amount needed for a 10% down payment, I was 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.
Below is a map created using the data for each state:
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 4 or 6 years, but becomes attainable in a year or two.
Bottom Line
Whether you have just begun to save for a down payment, or have been saving for years, you may be closer to your dream CT home than you think! Meet with a real estate professional from Dave Jones Realty who can assist you with any of your Real Estate needs!