How Much Do You Need to Save Daily to Buy a Home in San Diego in 5 Years?
- Author: Sadie Krajcik
- Posted: 2024-08-15
Buying a home in San Diego can feel impossible with high housing prices.
But how much would you need to save each day to afford a down payment in five years?
MutualFund.com, a website that helps investors, did the math to find out.
The Shift in Down Payment Expectations
In the past, people usually made a 20% down payment when buying a home.
But according to a 2024 study by the National Association of Realtors, the average down payment is now 15%.
This change makes a big difference in how much you need to save.
The Cost of a Down Payment in San Diego
MutualFund.com found that the median home price in San Diego is $1,035,332 as of June 2024.
A 15% down payment on that amount comes to $155,299.80.
Saving $155,299.80 in Five Years
If you want to save up this amount in five years, you would need to save about $31,059.96 per year.
That breaks down to about $85.10 every day for five years.
This daily savings goal is tough for many people.
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A survey by MutualFund.com found that 47% of renters believe they’ll never be able to own a home.
With the need to save nearly $100 each day, this feeling is likely shared by many in San Diego.
Conclusion
Saving $85.10 every day for five years might seem hard, but knowing what it takes is important if you’re serious about buying a home in San Diego.
By understanding these numbers, you can start planning and taking steps toward owning your dream home.
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