For many young buyers, saving for a down payment can seem impossible, especially these days as home prices continue to rise. But to make saving for a home less intimidating, Clare Trapasso and the data team at Realtor.com crunched the numbers and found out how much Americans needed to save per day in order to buy a home in the America's 15 largest metros.
In New York, where the median home price is $413,900 and an average down payment is $71,191, future home buyers would need to save $39 per day over five years in order to purchase a home. Boston-area shoppers will need to save $40 per day to be able to afford the average down payment of $73,000. In California, the prices are even higher--buyers will need to save $67.95 per day over five years for a Los Angeles home, while those looking to buy in San Francisco will have to save a whopping $104 per day for a $190,750 down payment.
Some metros are much more affordable. The least expensive of the metros on the list is Detroit, where the average home costs $200,000 and the average down payment is $24,000 (12%), so buyers will need to save $13.14 per day over five years. Chicago ($19.44), Minneapolis ($18.03), Atlanta ($14.78), and Philadelphia ($15.57) all come in at under $20 per day.