Moving Home Could Help Renters Save for a Down Payment in Less than Two Years
Moving Home Could Help Renters Save for a Down Payment in Less than Two Years Realtor.com® analysis shows home ownership may be within reach for young people able to channel would-be rent into savings -- Based on U.S. median one-bedroom rent, it would take 11 months to save for a 5% down payment for the median priced home in the U.S. -- Eleven months of rent savings is enough to accumulate a 5% down payment for a $327,000 home in Chicago -- It takes the longest -- nearly 22 months of rent savings -- to save for a 5% down payment for a median priced home in Los Angeles
Source: prnewswire.com