In a brand new “Save Up Series” launched by www.GoBankingRates.com this week, the site details how much consumers should expect to save up for major purchases, beginning with a home down payment. This first installment explains how home prices vary across the U.S. and breaks down the average price of a home and down payment in each U.S. state; it also explains strategies for how to save money to buy a house.
EL SEGUNDO, CA (March 7, 2013) – In the first “Save Up Series” installment, which focuses on saving for a home down payment, leading personal finance site GoBankingRates.com, breaks down the differences in average home prices across the country, and explains the benefits of saving up for a full 20 percent down payment. The report also provides tips for consumers on how to reach that 20 percent savings goal.
Recognizing that the size of a home down payment is highly dependent on where a person lives, GoBankingRates managing editor, Casey Bond, states, "A 20 percent down payment on a single family home in Toledo, Ohio is certainly going to be a much different number than a 20 percent down payment on a condo in New York City."
When it comes to saving for a home down payment, Bond acknowledges, "It can be tempting to cut corners, especially when it feels like there are so many factors working against you, like when necessities like food, gas, and healthcare just keep getting more expensive."
Even so, she recommends having patience and following a well-thought out savings strategy to reach 20 percent down. "That's the smartest, most cost-effective thing you can do on your way to becoming a homeowner," Bond adds.
View the full first installment of the series here.
For questions about this report or to schedule an interview with a Go Banking Rates editor, please use the contact information below.
About GoBankingRates
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.