ShutterstockThe median home price in Phoenix, Arizona is $206,000.
If you're looking to buy a home, it's never too soon to start saving.
We looked at the median price of homes in 19 major metro areas from the National Association of Realtors, and calculated how much it would cost you to put a 20% down payment on a median-priced home (the preferred amount of money to pay upfront).
We then determined how much you would have to save each day over the course of five, ten, or 15 years to reach that goal.
It's less than you might think.
Our calculations assume this money will go into a savings account with negligible interest. While investing your savings might make them grow faster, experts generally advise against investing money you'll need in the near future. Bear in mind, also, that accumulating enough for a down payment doesn't necessarily mean you can afford a house — aside from closing and moving costs, you should be prepared to pay a mortgage, taxes, and maintenance on a monthly basis.
Here's how much you need to set aside each day to put a 20% down payment on a house in 19 major cities:
19. Atlanta
Atlanta, Georgia.
Median home price: $158,000
20% down payment: $31,600
How much you'd need to save for a down payment:
5 years: $17.30 / day
10 years: $8.65 / day
15 years: $5.80 / day
18. San Antonio
San Antonio, Texas River Walk.
Median Home Price: $184,000
20% down payment: $36,800
How much you'd need to save for a down payment:
5 years: $20.20 / day
10 years: $10.10 / day
15 years: $6.70 / day
17. Orlando
Orlando, Florida.
Median Home Price: $186,000
20% down payment: $37,200
How much you'd need to save for a down payment:
5 years: $20.40 / day
10 years: $10.20 / day
15 years: $6.80 / day
16. Chicago
Chicago, Illinois.
Median Home Price: $192,500
20% down payment: $38,500
How much you'd need to save for a down payment:
5 years: $21.00 / day
10 years: $10.50 / day
15 years: $7.00 / day
15. Houston
Houston, Texas.
Median Home Price: $200,300
20% down payment: $40,060
How much you'd need to save for a down payment:
5 years: $22.00 / day
10 years: $11.00 / day
15 years: $7.30 / day
14. Phoenix
Phoenix, Arizona.
Median Home Price: $206,000
20% down payment: $41,200
How much you'd need to save for a down payment:
5 years: $22.60 / day
10 years: $11.30 / day
15 years: $7.50 / day
13. Minneapolis
Minneapolis, Minnesota.
Median Home Price: $209,400
20% down payment: $41,880
How much you'd need to save for a down payment:
5 years: $23.00 / day
10 years: $11.50 / day
15 years: $7.60 / day
12. Baltimore
Baltimore, Maryland.
Median Home Price: $223,100
20% down payment: $44,620
How much you'd need to save for a down payment:
5 years: $24.40 / day
10 years: $12.20 / day
15 years: $8.10 / day
11. Miami
Miami, Florida.
Median Home Price: $269,100
20% down payment: $53,820
How much you'd need to save for a down payment:
5 years: $29.50 / day
10 years: $14.75 / day
15 years: $9.80 / day
10. Sacramento
Sacramento, California Capitol.
Median Home Price: $275,800
20% down payment: $55,160
How much you'd need to save for a down payment:
5 years: $30.20 / day
10 years: $15.10 / day
15 years: $10.10 / day
9. Portland
Median Home Price: $289,400
20% down payment: $57,880
How much you'd need to save for a down payment:
5 years: $31.70 / day
10 years: $15.85 / day
15 years: $10.60 / day
8. Denver
Denver, Colorado.
Median Home Price: $338,100
20% down payment: $67,620
How much you'd need to save for a down payment:
5 years: $37.10 / day
10 years: $18.55 / day
15 years: $12.40 / day
7. Seattle
Flickr / N i c o l a
Seattle, Washington.
Median Home Price: $352,400
20% down payment: $70,480
How much you'd need to save for a down payment:
5 years: $38.60 / day
10 years: $19.30 / day
15 years: $12.90 / day
Seattle, Washington.
Median Home Price: $352,400
20% down payment: $70,480
How much you'd need to save for a down payment:
5 years: $38.60 / day
10 years: $19.30 / day
15 years: $12.90 / day
6. Washington, D.C.
Flickr / PeterPanFan
Washington, D.C.
Median Home Price: $367,800
20% down payment: $73,560
How much you'd need to save for a down payment:
5 years: $40.30 / day
10 years: $20.15 / day
15 years: $13.40 / day
Washington, D.C.
Median Home Price: $367,800
20% down payment: $73,560
How much you'd need to save for a down payment:
5 years: $40.30 / day
10 years: $20.15 / day
15 years: $13.40 / day
5. Boston
Median Home Price: $374,600
20% down payment: $74,920
How much you'd need to save for a down payment:
5 years: $41.00 / day
10 years: $20.50 / day
15 years: $13.70 / day
Median Home Price: $374,600
20% down payment: $74,920
How much you'd need to save for a down payment:
5 years: $41.00 / day
10 years: $20.50 / day
15 years: $13.70 / day
4. New York City
Flickr / gigi_nyc
New York City's Central Park.
Median Home Price: $388,600
20% down payment: $77,720
How much you'd need to save for a down payment:
5 years: $42.60 / day
10 years: $21.30 / day
15 years: $14.20 / day
New York City's Central Park.
Median Home Price: $388,600
20% down payment: $77,720
How much you'd need to save for a down payment:
5 years: $42.60 / day
10 years: $21.30 / day
15 years: $14.20 / day
3. Los Angeles
Shutterstock
Los Angeles, California.
Median Home Price: $434,700
20% down payment: $86,940
How much you'd need to save for a down payment:
5 years: $47.60 / day
10 years: $23.80 / day
15 years: $15.90 / day
Los Angeles, California.
Median Home Price: $434,700
20% down payment: $86,940
How much you'd need to save for a down payment:
5 years: $47.60 / day
10 years: $23.80 / day
15 years: $15.90 / day
2. San Diego
Median Home Price: $510,300
20% down payment: $102,060
How much you'd need to save for a down payment:
5 years: $56.00 / day
10 years: $28.00 / day
15 years: $18.60 / day
Median Home Price: $510,300
20% down payment: $102,060
How much you'd need to save for a down payment:
5 years: $56.00 / day
10 years: $28.00 / day
15 years: $18.60 / day
1. San Francisco
Shutterstock.com
Median Home Price: $748,300
20% down payment: $149,660
How much you'd need to save for a down payment:
5 years: $82.00 / day
10 years: $41.00 / day
15 years: $27.30 / Source : Businessinsider
Median Home Price: $748,300
20% down payment: $149,660
How much you'd need to save for a down payment:
5 years: $82.00 / day
10 years: $41.00 / day
15 years: $27.30 / Source : Businessinsider
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