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Gone are the days of putting 20% down for a home purchase. According to data collected by the National Association of Realtors, 60% of homeowners within the last year financed their home purchase with a down payment of 6% or less.
Nationally, the average home price is in the neighborhood of $258,000. This means the average down payment is about $15,000.
That being said, today I’d like to go over five easy ways to save for your down payment.
1. Skip unnecessary daily expenses like morning coffee. The average cost of a latte is around $3.78. If you went without a daily latte for an entire year, you would save $1,300. Making little changes to your daily habits can save you a lot in the long run.
2. Get rid of cable TV. With all the streaming services available today, do you really need this additional expense? Cable costs, on average, more than $100 per month. Getting rid of cable could lead to a $1,200 savings in just one year.
3. Pack a lunch from home instead of eating out. The average worker in the United States eats out for lunch twice per week. At $11 per meal, that’s $22 per week. Bringing a lunch from home every day for a year would amount to a savings of more than $1,000.
4. Make dinners at home instead of going out. This point is similar to the last one, but can also make a big difference in your savings account. Eating dinners at home could save you $2,800 per year.
5. Take the bus instead of driving. Going car-free can save you a lot of money. The average American spends about $713 per month on their vehicle. Going without a car could save you $8,500 a year.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.