Crown Gaithersburg MD | You Can Save for a Down Payment Faster Than You Think!
As Gaithersburg has developed over the years, many neighborhoods are now blended with one and another without any distinction or personalities.
Not in CROW, the newest and most vibrant community in Gaithersburg MD
Located next to Rio, this new and unique neighborhood is separate in four groups
* Downtown Crown
* Crown West
* Crown Central
* Crown East
If you are looking for city-living style with a flair of urban village, The Crown community has everything to offer and more.
There is even a direct Metro Shuttle between the community and Shady Grove Metro Station to connect you directly with Washington DC and its surroundings.
Today, I would like to talk about Home Prices: You Can Save for a Down Payment Faster Than You Think!
Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.
Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.
By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.
According to the data, residents in Ohio can save for a down payment the quickest in just under 3 years (2.44). Below is a map that was created using the data for each state:
What if you only needed to save 3%?
What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3%-down programs? Suddenly, saving for a down payment no longer takes 5 or 10 years, but becomes possible in a year or two in many states as shown on the map below.
Whether you have just started to save for a down payment, or have been saving for years, you may be closer to your dream home than you think! Let’s meet up so I can help you evaluate your ability to buy today.
If you have any questions about the Crown Plaza, Gaithersburg MD, the schools, amenities or the surrounding community, don’t hesitate to give us a call at 301-246-0001 We will be happy to help you. We specialize in Gaithersburg MD and our agents also live here.
To reach us, please call 301-246-0001
Or send us an email to: info@ReallyNiceHomes.com
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