How Long Do You Need to Work for That Down Payment?By Zoe Eisenberg
Editor's Note: This was originally published on RISMedia's blog, Housecall. See what else is cookin' now at blog.rismedia.com:
New data from SmartAsset looks at just that—examining and ranking the cities where the average workers need to save the longest to afford a down payment. To reach their findings, the company studied the 50 largest cities in the country, noting how many years it would take to afford a 20 percent down payment on the median home in each city if workers earning the median income were able to save 20 percent of their salary annually. Results in some states are not surprising. California claimed six of the top eight cities where adequately saving is most difficult. Renters in Texas, on the other hand, have it easier. Average residents of Fort Worth, San Antonio, Arlington and El Paso would need to save for less than three years to stash the down payment on an average home. The following infographic runs down the top 15 cities where it will take renters the longest to save up for that down payment: For full data, visit SmartAsset.com. Zoe Eisenberg is RISMedia's senior content editor. Email her your real estate news ideas at zoe@rismedia.com. |
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