10 Cities Where You Can Save for a Home Down Payment in Less Than 2 Years

Many aspiring homeowners assume they need a 20% down payment before buying a home. But many mortgage programs require as little as 3% down, dramatically shortening the time it takes to save enough cash to get into a house.

A new report from Veterans United Home Loans, underlined the options that can save you years, and even decades, of scrimping and investing to afford a home. No-down payment options like VA and USDA loans come with firm qualifying conditions, but FHA and conventional loans can be as low as 3% down and offer more flexibility.

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According to Veterans United Home Loans data, these are the major U.S. metro areas where a typical two-income household can save enough for a 3% down payment and closing costs in less than two years with a decent mortgage loan.

1. Pittsburgh

• Median home price: $237,400

• Median income: $77,214

• Time to save for 3% down plus closing costs: 1.5 years

2. Cleveland

• Median home price: $236,900

• Median income: $72,532

• Time to save for 3% down plus closing costs: 1.6 years

3. St. Louis

• Median home price: $294,800

• Median income: $81,679

• Time to save for 3% down plus closing costs: 1.7 years

4. Detroit

• Median home price: $276,700

• Median income: $76,403

• Time to save for 3% down plus closing costs: 1.7 years

5. Oklahoma City

• Median home price: $265,000

• Median income: $72,930

• Time to save for 3% down plus closing costs: 1.7 years

6. Cincinnati

• Median home price: $314,900

• Median income: $81,489

• Time to save for 3% down plus closing costs: 1.8 years

7. Dallas

• Median home price: $366,600

• Median income: $92,733

• Time to save for 3% down plus closing costs: 1.9 years

8. Louisville, Kentucky

• Median home price: $294,700

• Median income: $74,305

• Time to save for 3% down plus closing costs: 1.9 years

9. Atlanta

• Median home price: $372,000

• Median income: $92,344

• Time to save for 3% down plus closing costs: 1.9 years

10. Minneapolis

• Median home price: $394,900

• Median income: $97,928

• Time to save for 3% down plus closing costs: 1.9 years

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

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