The 10 Best States to Save for a Home Down Payment

Saving up to buy a home can take a long time—sometimes even decades. However, a recent study by ConsumerAffairs reveals that in certain states, it’s much easier and faster to put together a down payment.

The study compared things like how much people earn, how much homes cost, taxes, and the cost of basic necessities in each state. They calculated how many years it would take to save up a 10% down payment on a house.
 

Quickest States to Save for a Down Payment

Here are the top 10 states where you can save up for a 10% down payment the fastest, along with the number of years it would take, the median household income, and the median home price:
 

• Iowa
  • Years to save: 8.7
  • Median income: $75,501
  • Median home price: $247,400
• Ohio
  • Years to save: 9.9
  • Median income: $72,212
  • Median home price: $261,700
• Texas
  • Years to save: 10.3
  • Median income: $79,721
  • Median home price: $339,400
• Maryland
  • Years to save: 10.3
  • Median income: $102,905
  • Median home price: $439,300
• North Dakota
  • Years to save: 10.6
  • Median income: $77,871
  • Median home price: $298,200
• Kansas
  • Years to save: 10.6
  • Median income: $75,514
  • Median home price: $292,600
• Oklahoma
  • Years to save: 10.7
  • Median income: $66,148
  • Median home price: $252,900
• Illinois
  • Years to save: 10.7
  • Median income: $83,211
  • Median home price: $303,300
• Alaska
  • Years to save: 10.9
  • Median income: $95,665
  • Median home price: $402,800
• Indiana
  • Years to save: 11.0
  • Median income: $71,959
  • Median home price: $276,000

 

What Makes It Faster To Save in These States?

 

• Most of these states have home prices lower than the national average ($410,800).
• In 8 out of 10 states, household incomes are about the same as the national average ($83,730). This means that lower home prices—not just high incomes—make it faster to save.
• Taxes and basic living costs also play a big role. These costs can differ a lot between states, changing how much money people can actually save each year.

 

On Average

Across the U.S., it takes about 14.4 years to save up a 10% down payment. Iowa is the fastest (8.7 years) while California takes the longest (25.1 years).

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