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How Much Money Should I Save To Buy A House. If you were to save 10% of that $63,000 salary a year, it’d take you nearly eight years to reach your desired sum. Try to save 20% of your income for the next two years.
from venturebeat.com
If you want to optimize your savings, run through the exercise described above. I say this because, first, the average down payment is far less than 20%—about 11% in 2018. 1x your income saved by age 30 seems like a reasonable starting point, but as the article states, saving early takes advantage of the time value of money, but then goes on to say that you should have 3x your income saved by age 40.
Make sure you take professional advice on whether it’s the right option to you, as there is a risk of negative equity. The table above is really illogical. When all of this is added together, the average amount of money you need to save to buy a house falls somewhere around $28,774. The question you’re asking here is pretty simple:
