Renters spend almost 6.5 years saving for 20% downpayment MIAMI – July 13, 2018 – Renters in expensive California markets can expect to spend more than two decades saving for a 20 percent downpayment on a median valued home, but Florida buyers can do so in about one-third the time. Nationwide, renters can expect to spend nearly six and a half years saving for a 20 percent down payment on a home, according to a new HotPads analysis. The median home value in the U.S. is $216,000, which means a 20 percent downpayment would be $43,200. If a renter making the median income saves 20 percent of their income each month – as financial experts recommend – they would have enough for a downpayment in 77 months, which is nearly six and a half years. However, in the three Florida cities included in the study – Miami, Orlando and Tampa – renters must spend more than 6.5 years. It takes longest in Miami (11 years, 5 months) compared to Tampa (6 years, 11 months) and Orland...
Pauline Crain, Keller Williams Treasure Coast,is your one-stop source for all of your Florida Treasure Coast real estate needs. Whether looking for your 1st home, retirement home or an investment property, she can fulfill your needs with a minimum of effort on your part. You can rest assured that she will work diligently, with integrity, efficiency and the expertise to accomplish your goals. Pauline practices real estate business in Martin, Saint Lucie and North Palm Beach Counties.