Saving for a down payment is a critical part of purchasing a home. Although perspectives vary, many professionals advise to put 20% down on your home. An article based on NAR data states: “because of the more expensive housing market, 40% of first-time homebuyers are making a down payment of 5% or less”. No matter your home budget or down payment percentage, it’s a large amount of cash to save.
Resources for Down Payments
Thankfully, there are various resources available for assistance. In a past blog post we share a resource for a first-time home buyer down-payment savings program that has been referred to as the 401(k) of homeownership. In another blog post, we share additional resources. Such as, Florida Housing offers assistance for home buyers, including down payment assistance programs. The Hometown Heroes Program is an option for first-time buyers in Florida who are employed in certain professions. Additionally, there are federal home loan programs such as FHA, VA and USDA.
Average Jacksonville Family Saves for 4.6 years
According to a recent article by the Jacksonville Business Journal, the median home listing in Jacksonville is $299,000. A 20% down-payment for the median home would then be $59,800. The median household income in Jacksonville is $64,138. If saving just over $1,000 per month, or $12,828 annually, it would take the average Jacksonville family 4.6 years to save that down-payment amount.
Jacksonville Beach
Around our stomping ground in Jacksonville Beach, the median home price is about double that of the city of Jacksonville, coming in right around $600,000. In a past blog post, we revealed that the minimum income needed to buy a home in Jacksonville Beach is $181,164. That number is based on research in which only a 10% down payment was considered. Check out the post here to see minimum incomes needed for other zip codes around the beaches, as well as the other factors used to create those minimum incomes.
Fluid Realty
There are so many variables that go into deciding the right amount of money to save for a down payment. Fluid Realty is here to help you achieve your real estate goals. Reach out to us today.
The Fluid Realty Team is Jacksonville’s top real estate group and local boutique brokerage. We provide a full-service experience with the best realtors in the area. Our expertise includes luxury beach real estate within the four Beaches of Jacksonville, FL: Atlantic Beach, Neptune Beach, Jacksonville Beach, and Ponte Vedra Beach.
