Ironically, the people who handle money all day need to save the longest for a down payment.
Realtor.com examined data from the Bureau of Labor Statistics and found how long it will take buyers in 12 professions, from surgeons to cashiers, to save up enough money for a 20 percent down payment. The study is based on average salaries for each profession and the median home price in the U.S. of $275,000.
Surgeons, who earn $252,000 a year on average, can save $55,000 for a down payment in only 2.2 years, slightly faster than the average CEO (2.8 years), lawyer (3.9 years), and developer (5.3 years).
On the other end, it will take a typical cashier 25.3 years to save $55,000 for a 20 percent down payment, since the profession’s average income is only $21,000 a year. Hairdressers (18.6 years), customer service reps (15.6 years), and postal carriers (10.9 years) also have trouble saving.
Of course, people who earn less can purchase a cheaper home or co-habitate with someone, which makes it easier to save. And, people on the high-income end of the spectrum may be targeting pricier homes that are either larger in size or in a more expensive market. That will take them longer to save.
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