More evidence of why trying to save 20 percent on a home down payment isn’t realistic

“The study found that it would take Maryland residents 18 years to save for a 20 percent down payment and Virginia residents 20 years” reports Only California residents would face a longer period — 37 years — to save for a 20 percent down payment.One reason more buyers choose to make a smaller down payment is that it can take years to save enough for a larger down payment.One of the biggest misconceptions associated with buying a home is that you need a down payment of 20 percent of the home price.

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