Realtor Mag
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For many of us, starting a new year means setting goals to achieve in the coming months. For some of us, one of these goals may be saving for a home.
- How long does it take to save?: 37% of recent home buyers said it took them 6 months or less to save for a down payment, 15% saved for 6-12 months, and 10% said they saved for 12-18 months.
- Saving can mean sacrifices: 72% of home buyers reported cutting back on luxury or non-essential items in order to save, 56% spent less on entertainment, and 45% spent less on clothing to save money.
- Don’t be discouraged about saving: Many home buyers needed a smaller down payment than they thought they would need. The average down payment is 6% for first time buyers and 13% for repeat buyers.
- It’s well worth it: 79% of recent buyers regard their home as a good financial investment with many believing it to be a better investment than stocks.