According to local financial experts, the average the down payment for a home can range anywhere from zero (through USDA, VA, Physicians loans and the CRA First Time Buyer Program) to 10-20%. Every household is different, so before setting out on the home buying process we strongly recommend exploring all of your options. Often, this is best done by partnering with a financial expert to access money that you didn’t know you had.
Keep in mind also that there are a variety of payment sources that can help you quickly achieve your goals, including gifts from relatives (see our post on cash offers for more on that!), IRS and State Tax refunds, loaning against your 401k and even withdrawal from your 401k.
Let’s say you’ve already explored those options and still need to come up with a nice chunk of change for your down payment. So let’s do some math.
- The median income for ZIP code 30517, which covers Braselton and the surrounding area, is $102,522 From US Census Bureau
- The median cost of a home in ZIP code 30517 in 2018 was $271,042 From GAMLS
How long will it take the average Braseltonian to save for a home? That depends on how much you can afford to save per year. To save for a 20% down payment ($45,000), the average Braselton earner will have to save for a varying length of time depending on how much they want to save per paycheck.
So there you have it! These numbers are sourced from the median in Braselton, but the surrounding areas show similar demographics. Keep in mind that, through the avenues outlined above, most households will not have to pay the entire down payment out of their own pocket.
The Bell Team proudly partners with Regions Bank and Homestar Financial, two trusted collaborators that will set you on the right path to financing your home. Your home is one of the biggest purchases you’ll make, so why not partner with someone whose entire business is based off of your success?
Cover art modified from artwork from Tax Credits