5 Ways to Save for a Down Payment on Your New Home


Are you trying to save money for a down payment on a house? I have five simple tips to help you do just that.

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I recently ran across an infographic from the National Association of Realtors about simple ways to save money for a down payment on your next home. 

Roughly 60% of homebuyers financed their home with less than 6% down in 2017. Since the current median sales price is $258,300, a 6% down payment is about $15,498. Here are five simple ways to save up that money: 

1. Give up your morning latte. The average cost of a latte is $3.78, or more depending on where you go. That’s $1,300 a year you could save. 


Skip your morning latte and you could save at least $1,300 a year.

2. Cut out cable. The average cable package costs $100 a month. That’s $1,200 a year right there. 

3. Bring your own lunch. Brown-bagging it will save you some money. The average American spends $11 a meal when they go out to eat. Here in Fairbanks, that’s probably a little more. You can save $1,000 a year right there.

4. Stop going out to eat. The average American spends about $232 per month eating out. Staying in and making your meals will save you nearly $2,800 per year. 

5. Go car-free. The average American spends around $713 a month on their car. Taking the bus, riding your bike, or carpooling will save you more than $8,500 a year. 

That’s how you save for your down payment (or to cover those closing costs) and get into a home. 

If you have any other questions about buying a home or about real estate in general, just give me a call or send me an email. I would be happy to help you.

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