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Yahoo
24 minutes ago
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How Long It Would Take You To Save for a $1 Million Home in Your State
It's no secret that buying a home in modern America can be a rather pricey proposition, no matter which state you buy the house in. That said, while a $1 million home is a $1 million home, it can take far longer in some states than others to save a down payment for such a house. Also See: Learn More: Recently, GOBankingRates studied the median income for a single individual in every state. With that information in hand, GOBankingRates then calculated a savings amount of 20% of that median income on a state-by-state basis, factoring in such costs as a monthly mortgage as well. From that matrix, GOBankingRates calculated just how long it would take you to save the $200,000 necessary to buy your million-dollar dream home. Thanks to high incomes, citizens of some of the most expensive states (such as Washington and California) can put back $1 million in just 20 years, those who live in lower-income states such as Mississippi, West Virginia and Arkansas will take on average between 35 and 40 years to save enough to afford a $1 million dream home. Median income for single person: $34,564 Yearly savings for 20% down payment: $5,670 How many years to save up down payment: 35.3 Monthly mortgage: $5,237 Check Out: Discover More: Median income for single person: $58,232 Yearly savings for 20% down payment: $9,754 How many years to save up down payment: 20.5 Monthly mortgage: $5,237 Explore More: Median income for single person: $49,118 Yearly savings for 20% down payment: $8,117 How many years to save up down payment: 24.6 Monthly mortgage: $5,237 Median income for single person: $33,475 Yearly savings for 20% down payment: $5,605 How many years to save up down payment: 35.7 Monthly mortgage: $5,237 Median income for single person: $61,846 Yearly savings for 20% down payment: $9,943 How many years to save up down payment: 20.1 Monthly mortgage: $5,237 Median income for single person: $58,970 Yearly savings for 20% down payment: $9,483 How many years to save up down payment: 21.1 Monthly mortgage: $5,237 Median income for single person: $52,961 Yearly savings for 20% down payment: $8,475 How many years to save up down payment: 23.6 Monthly mortgage: $5,237 See More: Median income for single person: $49,822 Yearly savings for 20% down payment: $8,054 How many years to save up down payment: 24.8 Monthly mortgage: $5,237 Median income for single person: $45,261 Yearly savings for 20% down payment: $7,670 How many years to save up down payment: 26.1 Monthly mortgage: $5,237 Median income for single person: $45,785 Yearly savings for 20% down payment: $7,390 How many years to save up down payment: 27.1 Monthly mortgage: $5,237 Median income for single person: $58,149 Yearly savings for 20% down payment: $9,163 How many years to save up down payment: 21.8 Monthly mortgage: $5,237 Median income for single person: $43,770 Yearly savings for 20% down payment: $7,127 How many years to save up down payment: 28.1 Monthly mortgage: $5,237 Find Out: Median income for single person: $48,992 Yearly savings for 20% down payment: $7,812 How many years to save up down payment: 25.6 Monthly mortgage: $5,237 Median income for single person: $40,986 Yearly savings for 20% down payment: $6,610 How many years to save up down payment: 30.3 Monthly mortgage: $5,237 Median income for single person: $43,273 Yearly savings for 20% down payment: $7,117 How many years to save up down payment: 28.1 Monthly mortgage: $5,237 Median income for single person: $42,323 Yearly savings for 20% down payment: $6,858 How many years to save up down payment: 29.2 Monthly mortgage: $5,237 Median income for single person: $36,358 Yearly savings for 20% down payment: $5,974 How many years to save up down payment: 33.5 Monthly mortgage: $5,237 Read More: Median income for single person: $34,604 Yearly savings for 20% down payment: $5,811 How many years to save up down payment: 34.4 Monthly mortgage: $5,237 Median income for single person: $41,915 Yearly savings for 20% down payment: $6,874 How many years to save up down payment: 29.1 Monthly mortgage: $5,237 Median income for single person: $61,575 Yearly savings for 20% down payment: $9,406 How many years to save up down payment: 21.3 Monthly mortgage: $5,237 Median income for single person: $59,635 Yearly savings for 20% down payment: $9,472 How many years to save up down payment: 21.1 Monthly mortgage: $5,237 Also See: Median income for single person: $42,017 Yearly savings for 20% down payment: $6,757 How many years to save up down payment: 29.6 Monthly mortgage: $5,237 Median income for single person: $51,687 Yearly savings for 20% down payment: $8,290 How many years to save up down payment: 24.1 Monthly mortgage: $5,237 Median income for single person: $30,138 Yearly savings for 20% down payment: $5,129 How many years to save up down payment: 39.0 Monthly mortgage: $5,237 Median income for single person: $40,443 Yearly savings for 20% down payment: $6,711 How many years to save up down payment: 29.8 Monthly mortgage: $5,237 Median income for single person: $41,864 Yearly savings for 20% down payment: $6,764 How many years to save up down payment: 29.6 Monthly mortgage: $5,237 Find More: Median income for single person: $43,148 Yearly savings for 20% down payment: $7,057 How many years to save up down payment: 28.3 Monthly mortgage: $5,237 Median income for single person: $48,386 Yearly savings for 20% down payment: $8,172 How many years to save up down payment: 24.5 Monthly mortgage: $5,237 Median income for single person: $54,582 Yearly savings for 20% down payment: $9,168 How many years to save up down payment: 21.8 Monthly mortgage: $5,237 Median income for single person: $57,782 Yearly savings for 20% down payment: $9,357 How many years to save up down payment: 21.4 Monthly mortgage: $5,237 Median income for single person: $39,679 Yearly savings for 20% down payment: $6,584 How many years to save up down payment: 30.4 Monthly mortgage: $5,237 Trending Now: Median income for single person: $52,516 Yearly savings for 20% down payment: $8,380 How many years to save up down payment: 23.9 Monthly mortgage: $5,237 Median income for single person: $42,352 Yearly savings for 20% down payment: $6,936 How many years to save up down payment: 28.3 Monthly mortgage: $5,237 Median income for single person: $45,414 Yearly savings for 20% down payment: $7,695 How many years to save up down payment: 26.0 Monthly mortgage: $5,237 Median income for single person: $41,653 Yearly savings for 20% down payment: $6,808 How many years to save up down payment: 29.4 Monthly mortgage: $5,237 Median income for single person: $38,142 Yearly savings for 20% down payment: $6,285 How many years to save up down payment: 31.8 Monthly mortgage: $5,237 Check Out: Median income for single person: $49,779 Yearly savings for 20% down payment: $7,627 How many years to save up down payment: 26.2 Monthly mortgage: $5,237 Median income for single person: $44,365 Yearly savings for 20% down payment: $7,165 How many years to save up down payment: 27.9 Monthly mortgage: $5,237 Median income for single person: $49,005 Yearly savings for 20% down payment: $8,021 How many years to save up down payment: 24.9 Monthly mortgage: $5,237 Median income for single person: $40,063 Yearly savings for 20% down payment: $6,707 How many years to save up down payment: 29.8 Monthly mortgage: $5,237 Median income for single person: $43,596 Yearly savings for 20% down payment: $7,403 How many years to save up down payment: 27.0 Monthly mortgage: $5,237 Also Discover: Median income for single person: $40,831 Yearly savings for 20% down payment: $6,958 How many years to save up down payment: 28.7 Monthly mortgage: $5,237 Median income for single person: $47,584 Yearly savings for 20% down payment: $8,044 How many years to save up down payment: 24.9 Monthly mortgage: $5,237 Median income for single person: $52,010 Yearly savings for 20% down payment: $8,282 How many years to save up down payment: 24.2 Monthly mortgage: $5,237 Median income for single person: $46,243 Yearly savings for 20% down payment: $7,624 How many years to save up down payment: 26.2 Monthly mortgage: $5,237 Median income for single person: $54,765 Yearly savings for 20% down payment: $8,722 How many years to save up down payment: 22.9 Monthly mortgage: $5,237 Find Out: Median income for single person: $59,539 Yearly savings for 20% down payment: $9,965 How many years to save up down payment: 20.1 Monthly mortgage: $5,237 Median income for single person: $32,953 Yearly savings for 20% down payment: $5,516 How many years to save up down payment: 36.3 Monthly mortgage: $5,237 Median income for single person: $46,629 Yearly savings for 20% down payment: $7,550 How many years to save up down payment: 26.5 Monthly mortgage: $5,237 Median income for single person: $43,379 Yearly savings for 20% down payment: $7,368 How many years to save up down payment: 27.1 Monthly mortgage: $5,237 Methodology: For this piece GOBankingRates first found median income for a single person (defined in the American Community Survey as 'non-family households') for each state as sourced from the 2023 American Community Survey as conducted by the U.S. Census Bureau. GOBankingRates then found the post-tax income for single people in each state using an in-house income tax calculator, assuming they were taking the standard deduction and using tax bracket data from the Tax Foundation. GOBankingRates then set the down payment at 20% and assumed a person would be following the 50/30/20 rule where 20% of post-tax income goes towards savings and debt repayment. GOBankingRates then calculated how long it would take a single person in each state following the 50/30/20 rule to save for the down payment ($200,000) on a $1,000,000 home. From there GOBankingRates also calculated the 30- year fixed mortgage on a $1,000,000 assuming no private mortgage insurance, no homeowner's association fees and no property tax, with a rate of 6.84% as sourced from Freddie Mac. All data was collected on and is up to date as of June 12, 2025. More From GOBankingRates 6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on How Long It Would Take You To Save for a $1 Million Home in Your State Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
