To Afford A Home In The Top 15 U.S. Cities, This Is How Much You Need To Save Each Day

July 11, 2016

As a barrier to purchasing a home, the down payment is the Berlin Wall, The Great Wall of China, and The Wall from Game Of Thrones all rolled into one. Many have tried to scale it, plow through it, or dig under it only to be rejected time and time again. But, instead of trying to scale this down payment wall all at once, taking some time to budget and build sturdy scaffolding to aid in conquering the beast can help. crunched the numbers and determined just how much you would need to save on a daily basis in order to afford a down payment in the top 15 cities across the country.

For example, anyone with dreams of living in the Big Apple, which has a median home price of $413,900 and an average down payment of 17.2 percent, saving $38.99 per day will get you to that dream in five years. $19.49 per day will do the trick in a ten-year period.

Those in Los Angeles are going to have to be even thriftier, as they would need to save $67.95 per day to reach the average 18.3 percent down payment in five years or $33.97 per day to get there in 10 years.

Unsurprisingly, San Francisco has the highest daily goals at $104.46 per day for five years or $52.23 per day for 10 years. Detroit had the lowest totals at $13.14 per day for 5 years or $6.57 per day for ten years.

For the full list, click the link below.

Read more