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Everyone has their own unique idea of their dream house. But when it comes to paying for a property, there is a universal truth that remains the same: you will need enough money at hand to buy it. Of course, fluctuations in the housing market can make the process easier or more difficult depending on the moment you The hunting house . But if you are looking to save enough money to buy a house, there is no doubt that the city you live in will also be an important factor in determining the amount of the money you will have to save before finally closing. Now, a new report has highlighted the duration of the duration of people to save in each American region before being able to afford a deposit.

To assemble the ranking, the Realtyhop real estate website has collected data on the 150 larger cities in the country , Calculate the average annual savings of an area resident by assuming a savings rate of 20% of the average household income. They then gathered the list of median prices at each location and calculated it would be an average deposit of 20%. The final classification was then tabulated by comparing the two. Read the rest to see how long you need to save for a house in your city, according to a Realtyhop report. AE0FCC31AE342FD3A1346EBB1F342FCB

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Those who live in the Midwest have decent options if they are looking to buy a house as quickly as possible. The cities of the Center in the United States have managed to sweep the five lower rankings of the list for the required time, notably Aurora, Illinois at only 3.16 years to offer a deposit of $ 50,400; 2.97 years in Cleveland-Adjacet Akron, Ohio for an average required payment of $ 23,600; And 2.66 years in Wichita, Kansas for an initial payment of $ 30,000.

In particular, Detroit has dominated the shortest list for the shortest time to save for a house anywhere in the American housekeys in the city of Michigan can obtain enough money together in 2.56 years for payment Mids of $ 17,780 in the region.

In fact, the region is fortunate to stay entirely outside the first 50 places. The longest waiting times are 4.7 years for a payment of $ 60,980 in Sioux Falls, southern Dakota; 4.69 years for $ 52,000 in Grand Rapids, Michigan; And 4.82 years to fold the $ 67,980 necessary for Madison, Wisconsin. The only city in the midwest classified in the top 100 is Chicago, Illinois in the 90th place, where residents will need 5.17 years to increase $ 68,000.

Shopping for a house in the northeast? The region has managed to mark three places in the last 50 ranking. They include Rochester, New York, where you can bring together the $ 33,980 necessary for a deposit in 4.24 years; And near Buffalo, New York, where you will need just under four years to save $ 33,800.

But those looking for the fastest track in the home ownership of the region will probably have their best chance in Pittsburgh, Pennsylvania, which ranks 96th on the list. There, you will need 3.87 years to find the average deposit of $ 42,000.

However, the Northeast also houses its just part of cities where a little more time may be necessary before buying a house. There are three metropolitan areas in the top 20, including Newark, New Jersey in 19th place with 8.69 years necessary to store for a deposit of $ 71,800; And 9.16 years for the $ 149,800 required in Boston, Massachusetts. Unsurprisingly, New York leads the region - and arrives in fourth place in total - with 12.45 years necessary to save $ 176,000.

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How long you need to save enough to buy a house in the south really comes down to the city in which you are. Metropolitan areas operate the range on the list, but you will have the shortest wait in cities like Columbus, Georgia, where 3.56 years is everything you need to store a payment file of $ 36,000; Lubbock, Texas, which remains an affordable oasis in the state with only 3.51 years necessary to save $ 37,900; And Montgomery, Alabama, where the data indicates that you can save the $ 35,000 you need for a deposit in 3.5 years on average.

The city which requires the shortest track to have a house in the region is Shreveport, in Louisiana. Residents can expect to find the $ 41,782 necessary for an initial deposit in just 3.23 years.

But whoever looking for real estate in Florida might need to suspend his dreams a little longer. The Sunshine State is home to the three most expensive metropolitan areas in the region that will take the most time to save for a house. These are Tampa, where it takes 7.93 years to accumulate $ 95,000 in savings; Hialeah, where you will have to save for 10.42 years to bring together the $ 90,000 you will need; And Miami, which arrives in third in total on the list at 12.49 years necessary to find the $ 119,600 for an average deposit.

The data from the Realtyhop report reveal that the West can be a difficult place to get a house quickly. The region has only two cities where you can save enough in less than five years, including Bakersfield, California, where it will take about four and a half years to obtain $ 62,000 for a payment. The other is anchorage, in Alaska, which is classified 137th in total and requires only 3.69 years to find the necessary $ 65,500.

However, the Biaise region also much more towards the inaccessible side with regard to the time necessary to save for a deposit. It houses 38 of the first 50 places on the list, including 24 in California. The cities where you will have to save the longest are long beach, where it will take 10.54 years to reserve $ 150,000; And Los Angeles, who arrives in second position in the country with 13.47 years of economy required for a decomposition of $ 188,000. But it is Glendale who takes all this: he comes at the top of the list at 15.1 years necessary to find the $ 225,000 required for a home deposit in the high -end enclave.

Best Life offers the most up -to -date financial information for the best experts and the latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.