clock menu more-arrow no yes mobile

Filed under:

Here’s How Much You Need to Save Each Day to Buy a Home in Washington, D.C.

Time to skip the Starbucks line

A typical home on the Washington, D.C. market costs a median $439,900. With an average down payment of 12.6 percent, or $55,427.40, first-time homebuyers need to save $30.35 each day for five years or $15.18 for 10 years.

These numbers come from Realtor.com in their latest study. The real estate website looked at the median home listing price in May 2016 for the 15 biggest metropolitan areas in the nation. The data gurus then looked at the average percentage that buyers in those areas put down on a home and then how much potential buyers need to save each day toward a five-year or 10-year down payment.

Of course, there are some caveats when it comes to this study. For instance, there are plenty of homes on the market that cost under $439,900. The study also doesn’t account for taxes, insurance, or renovations.

This past May, Apartment List also attempted to give a hard set number for how many years it takes for a Millennial to save up for a home in the nation’s capital. While 73 percent of Millennials plan on buying a home, 81 percent can’t afford it. For a down payment, 48 percent are able to pay at least $300 every month.

Apartment List further reported that it would take college graduates without debt an average of 11.7 years to save up enough for a 20 percent down payment. For graduates without debt, it should take 5.4 years, while for Millennials without a college degree, it should take 19.3 years.