Making the jump from renting to buying in D.C. can be daunting, especially when it comes to saving for that down payment. To put in perspective just how much time it can take to get the cash for a down payment, HotPads just crunched the numbers to create a table that demonstrates how long renters can expect to spend saving for a down payment while still paying the area’s median rent.
Urbanturf played with the calculator and found that it would take DC area renters 8 years and 11 months to save up for a 20 percent down payment, if they can afford to save 20 percent of the median income each month. That’s also assuming a median home value of $400,000 in the DC area, which works out to a 20 percent down payment of $80,000 (but of course, many starter homes in D.C. are more expensive than that). Check out the calculator here and see how the D.C. area compares to other cities across the country.