How Much Do You Need To Save For A Downpayment To Buy A House In Dallas

How Much Do You Need To Save For A Downpayment To Buy A House In Dallas

What could you be doing with the money that goes toward small purchases like your daily latte, an impulse magazine, or eating out for lunch? Saving up for a down payment, says Realtor.com, especially if you're looking to buy in Dallas.

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The real estate website did the math for the nation's 15 largest cities, determining how much buyers need to save to eventually purchase a home. Texans actually have to save more per day over five years than residents of Chicago ($19.44), Philadelphia ($15.57), and Atlanta ($14.78).


Future Dallas homebuyers need to save $24.83 a day in order to accumulate enough cash for the average 13.6 percent Dallas down payment of $45,342.50. The website says the median Dallas home price is $333,400, and our hot real estate market is fueling ever-rising prices. If $25 a day is steep, you could save $12.42 a day over 10 years instead. 


Keep in mind that this is only an AVERAGE down payment.  FHA loans only require a down payment of 3.5% and Conventional loans only require a down payment of 5%.


So next time you might want to rethink that morning stop at Starbucks and extra glass of wine you order at dinner.  It could be keeping you in the rent race and costing you more than you think. 


To search homes in the Dallas area CLICK HERE.




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Phone: 940-368-1306
Dated: July 19th 2016
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About Deborah: My family has lived in North Texas for generations so I personally know the residential areas of Fri...

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