Places Where It’s Easiest, And Hardest, To Earn And Save For A Downpayment

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April 13, 2017

In some Midwestern cities, it might take only a few months to save for a downpayment for a house. In some California markets, it could take several years.

MarketWatch found five cities where less than half of the average annual income is needed to afford a standard 20 percent downpayment: Cleveland, Detroit, Indianapolis, Kansas City, and Pittsburgh.

Meanwhile, there are five metros where it takes more than 100 percent of the average annual income to sock away for a downpayment: Los Angeles, New York City, San Diego, San Francisco, and San Jose.

The metro area that comes closest to the national median of 67% is Minneapolis-St. Paul, at 66%. Dallas, Philadelphia, Baltimore, and Tampa are also clustered around that middle range. … It’s worth noting that it’s possible to get a mortgage with as little as 3.5% down – and some upstart lenders even offer mortgages for more than the cost of the home.

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