First-time homebuyers are jumping into the market to take advantage of historically low interest rates, and the trend in working from home has many considering moving to a new city. But where is the best place to save for a down payment?
A new analysis by CIA Landlord Insurance ranks the best and worst states to save for a home deposit based on metrics including state averages for monthly salary, house price, deposit, savings and the amount of time it is expected to take to save enough for a deposit.
Georgia was identified as the sixth best state for saving for a deposit. Under the average conditions, a prospective homebuyer could save up the average deposit of $41,776 in just over 11 months, according to the report. That’s assuming they purchase a home at the average price of $208,833 and make the average monthly salary of $4,713. The ranking also assumes an average monthly living cost of $1,023 and an average monthly savings of $3,690.
Did anyone read this before it went out? Seriously? All other numbers aside, who do you know lives on 25% of their income? Maybe if you are living in Mom and Dad’s spare room you can bank 75% of your income, but that’s true anywhere. GA has some great programs to help first-time home buyers and get them get started.