How Long Does it Take to Save A Down Payment?

How Long Does It Take To Save A Down Payment? | Keeping Current Matters

In a recent study conducted by Builder.com, researchers determined that nationwide it would take “nearly eight years” for a first-time buyer to save enough for a down payment on their dream home.

Depending on where you live, median rents, incomes and home prices all vary. By determining the percentage a renter spends on housing in each state and the amount needed for a 10% down payment, they were able to establish how long (in years) it would take for an average resident to save.

According to the study, residents in South Dakota are able to save for a down payment the quickest in just under 3.5 years. Below is a map created using the data for each state:

Years Needed to Save 10% Down | Keeping Current Matters

What if you only needed to save 3%?

What if you were able to take advantage of one of the Freddie Mac or Fannie Mae 3% down programs? Suddenly saving for a down payment no longer takes 5 or 10 years, but becomes attainable in under two years in many states as shown in the map below.

Years Needed to Save 3% Down | Keeping Current Matters

Bottom Line

Whether you have just started to save for a down payment, or have been for years, you may be closer to your dream home than you think! Let’s get you matched with one of my preferred mortgage professionals who can help you evaluate your ability to buy today.

Best Places to See Holiday Lights (Christmas) – Dallas/Fort Worth

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Sing along with me, “The most wonderful time of the year is here.” This time of the year brings so many warm and cozy feelings to everyone. The best way to get into the holiday spirit is to go venture out to see holiday lights. I’ve taken the time to get you going in different directions to view lights around the metroplex.

Deerfield Plano 

Deerfield Plano

This neighborhood in Plano does not disappoint when it comes to spreading the holiday cheer in the city of Plano. From the Deerfield HOA website:

Deerfield is located in Northwest Plano between Preston Rd. and Coit Rd. Enter from Legacy on Colonnade or Archgate, noting one-way and restricted-turn signs along Old Pond Dr. and Hallmark Dr.

The light show can be seen between the hours of 7pm-11pm during the entire month of December.

RED and BLUE routes on the map below are suggested main thoroughfares; be sure to visit side streets and cul-de-sacs along these routes! Use Quincy Ln. or Legacy Dr. to connect both routes.
If you decide to walk the neighborhood, then please park North of the Clubhouse on a less busy street. Here’s a map of the route: Deerfield Holiday Route Map

Christmas Capital of Texas – Grapevine

Grapevine has deemed itself the Christmas Capital of Texas and rightfully so with the ICE and Lone Star Christmas event at the Gaylord Texan and Snowland at the Great Wolf Lodge. Don’t forget to venture out to Downtown Grapevine to shop and view the light tour downtown. Head to Grapevine on Thursday, December 3rd to enjoy the parade of lights with your family.

Virtutrivan Park – Addison

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Vitruvian Park transforms into a MAGICAL HOLIDAY WONDERLAND during Vitruvian Lights; Friday, November 27, 2015 – Friday, January 1, 2016.

On December 5th, the festivities continue at 6:00pm with a LIVE Concert, Gourmet Food Trucks, Delicious Desserts, Beer/Wine, FREE Photos with Santa and the Holiday Snowman, an Elf Balloon Artist, Holiday Shopping Village and Metrocrest Services Toy & Food Drive.

Prairie Lights – Grand Prairie

Christmas in the Square – Frisco

Christmas in the Branch – Farmers Branch 

 

Hilton Anatole – Dallas

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Venture off to the North Pole and take the kids to have Breakfast with Santa. There is no place magical than this one during the holiday season as there is a treat for all at the Anatole.

Six Flags Over Texas – Arlington

The park transforms into winter wonderland in Arlington. The whole family will be able to enjoy the millions of lights, rides, Santa, and more.

West 7th Starlight Symphony – Fort Worth

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Join West 7TH & Pinnacle Bank as we light our streets with Holiday Joy! View a five-minute music and light spectacular held on the hour, 6-10pm.

Texas Motor Speedway “Gift of Lights”

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The “Gift of Lights” is a two-mile drive through the speedway that features over 200 lighted displays with more than two million LED lights. Once again, this holiday festival is brought to Dallas/Fort Worth by Christmas by Zenith, the premier provider of holiday displays. The “Gift of Lights” will be open Thanksgiving Day from 6-10 p.m. CT and the display will be open during that timeframe seven days a week through Dec. 31.

Now I wish you and yours a happy holiday season and take the time to enjoy the holiday lights around the metroplex.

P.S. Know of any that I should add to the list? Email me at atfowler@newavenuerealty.com to have your favorite place added to the list.