Latest news with #medianincome
CBS News
4 days ago
- Business
- CBS News
New affordable housing opens in Aurora as city pushes to help those who work in the city be able to live there
Aurora wants to keep people who work in Aurora in the city. But according to the city's most recent housing strategy report, you need to make more than $50,000 per year to afford the average rent in the city. The city says that's $10,000 more than the median renter's income. That's why city officials love a new affordable housing complex that opened Thursday. "I love it. It's really nice living here," said new resident Alfredo Salazar. He and his husband are newlyweds, and while they enjoyed all their wedding gifts, the apartment they got to move into right before their wedding was maybe the most exciting thing they got. "It was a gift for us. Thanksgiving Day to move in," said Salazar. Their home is in the brand-new Sapling Grove apartment complex at 10151 E. Jewell Ave, the city's newest affordable housing community. Mayor Mike Coffman says building affordable housing for people like Salazar is a top priority for the city. "What we want, in the city of Aurora, is that the people that work here can afford to live here," Coffman said. "So this- 81 units, in Sapling Grove, brings us a step forward." Six municipalities, including Aurora, recently sued Gov. Jared Polis, claiming that a recently signed executive order unconstitutionally takes away those cities' local authority over land use and zoning. Coffman says this completed project shows that Aurora doesn't need state oversight. "This project went forward without any mandates coming down from the state," Coffman said. "And we've committed to building our inventory of affordable housing 15% year over year, in the city with incentive from the state to do so." But political infighting doesn't concern most people looking for affordable housing, like Salazar and his husband, who hope that everyone can have a place of their own like they do. "This is our place. We decorated it," Salazar said. "Every single detail that you can see on this apartment- it's been done by the two of us with a lot of love."
Yahoo
17-07-2025
- Business
- Yahoo
Here's How Far the Median Income Goes in America's Largest Cities
As the cost of living continues to rise, many Americans may wonder how far their salary goes in the largest U.S. cities. While new data from GOBankingRates reveals the median income isn't enough to cover living costs in every major metro, you may be surprised by the locations where it is enough money. The median income in five major California cities — including the notoriously expensive Bay Area hotspots San Francisco and Oakland — covers each spot's living expenses. Find Out: Learn More: The GOBankingRates' research team analyzed the most populated U.S. cities, sourcing key factors like household median income, the cost-of-living indexes and average expenditure costs. Each city's monthly and annual cost of living was calculated using the average expenditure and mortgage costs. The average annual cost of living and median household income were then used to calculate the amount of coverage this income can cover in each location. Key Findings Los Angeles, not San Francisco, ranks as the least affordable city for median income earners. The median income is $80,336, covering just 79% of living expenses and resulting in a negative savings of $21,634 after this income pays the cost of living. Los Angeles, Miami and New York's median income covers up to just 85% of living expenses. These locations ranked as the top three cities with the least affordable median income, with every city experiencing negative savings after earnings covered living costs: Los Angeles ($21,634), Miami ($15,324) and New York ($14,598). Seven Texas cities, the most out of any state, were among the 45 cities where the median income covers 100% or more of living expenses. These include Dallas (#23), Houston (#26), Austin (#29), El Paso (#35), San Antonio (#38), Arlington (#39) and Fort Worth (#47). There are five surprising California cities where earning a median income does cover 100% or more of expenses: San Francisco (#8), Oakland (#9), Fresno (#13), Sacramento (#19) and Bakersfield (#31). Ranked from least affordable to most affordable, let's see how far the median income goes in America's largest cities. Find Out: See Next: 1. Los Angeles % of living expenses covered by income: 79% Savings remaining after income covers living costs: -$21,634 Household median income: $80,366 Annual cost of living: $102,000 Monthly cost of living: $8,500 Discover More: 2. Miami % of living expenses covered by income: 80% Savings remaining after income covers living costs: -$15,324 Household median income: $59,390 Annual cost of living: $74,714 Monthly cost of living: $6,226 3. New York City % of living expenses covered by income: 85% Savings remaining after income covers living costs: -$14,598 Household median income: $79,713 Annual cost of living: $94,311 Monthly cost of living: $7,859 4. Long Beach, California % of living expenses covered by income: 90% Savings remaining after income covers living costs: -$9,397 Household median income: $83,969 Annual cost of living: $93,366 Monthly cost of living: $7,780 5. San Diego % of living expenses covered by income: 96% Savings remaining after income covers living costs: -$4,430 Household median income: $104,321 Annual cost of living: $108,751 Monthly cost of living: $9,063 6. San Jose, California % of living expenses covered by income: 99.6% Savings remaining after income covers living costs: -$624 Household median income: $141,565 Annual cost of living: $142,189 Monthly cost of living: $11,849 Check Out: 7. Boston % of living expenses covered by income: 107% Savings remaining after income covers living costs: $6,323 Household median income: $94,755 Annual cost of living: $88,432 Monthly cost of living: $7,369 8. San Francisco % of living expenses covered by income: 107% Savings remaining after income covers living costs: $9,447 Household median income: $141,446 Annual cost of living: $131,999 Monthly cost of living: $11,000 9. Oakland, California % of living expenses covered by income: 113% Savings remaining after income covers living costs: $10,972 Household median income: $97,369 Annual cost of living: $86,397 Monthly cost of living: $7,200 10. Tucson, Arizona % of living expenses covered by income: 116% Savings remaining after income covers living costs: $7,425 Household median income: $54,546 Annual cost of living: $47,121 Monthly cost of living: $3,927 11. Detroit % of living expenses covered by income: 120% Savings remaining after income covers living costs: $6,606 Household median income: $39,575 Annual cost of living: $32,969 Monthly cost of living: $2,747 Read Next: 12. Las Vegas % of living expenses covered by income: 120% Savings remaining after income covers living costs: $11,958 Household median income: $70,723 Annual cost of living: $58,765 Monthly cost of living: $4,897 13. Fresno, California % of living expenses covered by income: 126% Savings remaining after income covers living costs: $13,804 Household median income: $66,804 Annual cost of living: $53,000 Monthly cost of living: $4,417 14. Washington, D.C. % of living expenses covered by income: 128% Savings remaining after income covers living costs: $23,449 Household median income: $106,287 Annual cost of living: $82,838 Monthly cost of living: $6,903 15. Seattle % of living expenses covered by income: 130% Savings remaining after income covers living costs: $28,000 Household median income: $121,984 Annual cost of living: $93,984 Monthly cost of living: $7,832 16. Milwaukee % of living expenses covered by income: 131% Savings remaining after income covers living costs: $12,217 Household median income: $51,888 Annual cost of living: $39,671 Monthly cost of living: $3,306 Try This: 17. Tampa, Florida % of living expenses covered by income: 134% Savings remaining after income covers living costs: $18,029 Household median income: $71,302 Annual cost of living: $53,273 Monthly cost of living: $4,439 18. Portland, Oregon % of living expenses covered by income: 135% Savings remaining after income covers living costs: $23,043 Household median income: $88,792 Annual cost of living: $65,749 Monthly cost of living: $5,479 19. Sacramento, California % of living expenses covered by income: 136% Savings remaining after income covers living costs: $22,158 Household median income: $83,753 Annual cost of living: $61,595 Monthly cost of living: $5,133 20. Denver % of living expenses covered by income: 136% Savings remaining after income covers living costs: $24,332 Household median income: $91,681 Annual cost of living: $67,349 Monthly cost of living: $5,612 21. Aurora, Colorado % of living expenses covered by income: 138% Savings remaining after income covers living costs: $23,255 Household median income: $84,320 Annual cost of living: $61,065 Monthly cost of living: $5,089 Trending Now: 22. Philadelphia % of living expenses covered by income: 138% Savings remaining after income covers living costs: $16,759 Household median income: $60,698 Annual cost of living: $43,939 Monthly cost of living: $3,662 23. Dallas % of living expenses covered by income: 139% Savings remaining after income covers living costs: $18,847 Household median income: $67,760 Annual cost of living: $48,913 Monthly cost of living: $4,076 24. Mesa, Arizona % of living expenses covered by income: 139% Savings remaining after income covers living costs: $22,024 Household median income: $78,779 Annual cost of living: $56,755 Monthly cost of living: $4,730 25. Phoenix % of living expenses covered by income: 139% Savings remaining after income covers living costs: $21,646 Household median income: $77,041 Annual cost of living: $55,395 Monthly cost of living: $4,616 26. Houston % of living expenses covered by income: 141% Savings remaining after income covers living costs: $18,162 Household median income: $62,894 Annual cost of living: $44,732 Monthly cost of living: $3,728 View Next: 27. Albuquerque, New Mexico % of living expenses covered by income: 141% Savings remaining after income covers living costs: $18,975 Household median income: $65,604 Annual cost of living: $46,629 Monthly cost of living: $3,886 28. Atlanta % of living expenses covered by income: 141% Savings remaining after income covers living costs: $23,810 Household median income: $81,938 Annual cost of living: $58,128 Monthly cost of living: $4,844 29. Austin, Texas % of living expenses covered by income: 143% Savings remaining after income covers living costs: $27,264 Household median income: $91,461 Annual cost of living: $64,197 Monthly cost of living: $5,350 30. Jacksonville, Florida % of living expenses covered by income: 146% Savings remaining after income covers living costs: $20,980 Household median income: $66,981 Annual cost of living: $46,001 Monthly cost of living: $3,833 31. Bakersfield, California % of living expenses covered by income: 146% Savings remaining after income covers living costs: $24,346 Household median income: $77,397 Annual cost of living: $53,051 Monthly cost of living: $4,421 Discover More: 32. Charlotte, North Carolina % of living expenses covered by income: 148% Savings remaining after income covers living costs: $25,308 Household median income: $78,438 Annual cost of living: $53,130 Monthly cost of living: $4,428 33. Colorado Springs % of living expenses covered by income: 148% Savings remaining after income covers living costs: $27,147 Household median income: $83,198 Annual cost of living: $56,051 Monthly cost of living: $4,671 34. Raleigh, North Carolina % of living expenses covered by income: 149% Savings remaining after income covers living costs: $26,946 Household median income: $82,424 Annual cost of living: $55,478 Monthly cost of living: $4,623 35. El Paso, Texas % of living expenses covered by income: 150% Savings remaining after income covers living costs: $19,461 Household median income: $58,734 Annual cost of living: $39,273 Monthly cost of living: $3,273 36. Tulsa, Oklahoma % of living expenses covered by income: 150% Savings remaining after income covers living costs: $19,424 Household median income: $58,407 Annual cost of living: $38,983 Monthly cost of living: $3,249 Be Aware: 37. Memphis, Tennessee % of living expenses covered by income: 151% Savings remaining after income covers living costs: $17,313 Household median income: $51,211 Annual cost of living: $33,898 Monthly cost of living: $2,825 38. San Antonio, Texas % of living expenses covered by income: 151% Savings remaining after income covers living costs: $21,284 Household median income: $62,917 Annual cost of living: $41,633 Monthly cost of living: $3,469 39. Arlington, Texas % of living expenses covered by income: 153% Savings remaining after income covers living costs: $25,543 Household median income: $73,519 Annual cost of living: $47,976 Monthly cost of living: $3,998 40. Columbus, Ohio % of living expenses covered by income: 154% Savings remaining after income covers living costs: $22,789 Household median income: $65,327 Annual cost of living: $42,538 Monthly cost of living: $3,545 41. Baltimore % of living expenses covered by income: 154% Savings remaining after income covers living costs: $21,015 Household median income: $59,623 Annual cost of living: $38,608 Monthly cost of living: $3,217 For You: 42. Chicago % of living expenses covered by income: 155% Savings remaining after income covers living costs: $26,708 Household median income: $75,134 Annual cost of living: $48,426 Monthly cost of living: $4,035 43. Indianapolis % of living expenses covered by income: 158% Savings remaining after income covers living costs: $23,134 Household median income: $62,995 Annual cost of living: $39,861 Monthly cost of living: $3,322 44. Omaha, Nebraska % of living expenses covered by income: 161% Savings remaining after income covers living costs: $27,605 Household median income: $72,708 Annual cost of living: $45,103 Monthly cost of living: $3,759 45. Kansas City, Missouri % of living expenses covered by income: 162% Savings remaining after income covers living costs: $25,869 Household median income: $67,449 Annual cost of living: $41,580 Monthly cost of living: $3,465 46. Minneapolis % of living expenses covered by income: 163% Savings remaining after income covers living costs: $30,927 Household median income: $80,269 Annual cost of living: $49,342 Monthly cost of living: $4,112 That's Interesting: 47. Fort Worth, Texas % of living expenses covered by income: 163% Savings remaining after income covers living costs: $29,710 Household median income: $76,602 Annual cost of living: $46,892 Monthly cost of living: $3,908 48. Virginia Beach, Virginia % of living expenses covered by income: 164% Savings remaining after income covers living costs: $35,473 Household median income: $90,685 Annual cost of living: $55,212 Monthly cost of living: $4,601 49. Wichita, Kansas % of living expenses covered by income: 168% Savings remaining after income covers living costs: $25,418 Household median income: $63,072 Annual cost of living: $37,654 Monthly cost of living: $3,138 50. Oklahoma City % of living expenses covered by income: 172% Savings remaining after income covers living costs: $27,898 Household median income: $66,702 Annual cost of living: $38,804 Monthly cost of living: $3,234 Methodology: For this study, GOBankingRates analyzed the most populated cities, as sourced from the U.S. Census American Community Survey. Cost-of-living living indexes were sourced from Sperling's BestPlaces. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location was calculated. Mortgage costs were determined using Zillow Home Value Index for May 2025 and the Federal Reserve Economic Data. Using the average mortgage and average expenditure costs, the average cost of living was calculated. All data was collected on and is up to date as of July 3, 2025. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 10 Unreliable SUVs To Stay Away From Buying 10 Used Cars That Will Last Longer Than an Average New Vehicle This article originally appeared on Here's How Far the Median Income Goes in America's Largest Cities Sign in to access your portfolio
Yahoo
11-07-2025
- Business
- Yahoo
These Are the Only 3 US Cities With Affordable Homes, According to the 30% Rule
If it feels like buying a home in a major city is unaffordable, that's because it most likely is if you're following a popular budgeting rule of thumb. The '30% rule' states that you should spend roughly 30% or less of your pretax income on housing to leave room for other non-negotiables in your budget. Find Out: Read Next: Yet in 47 of the 50 major U.S. metros, the monthly cost of owning a median-priced home is more than 30% of the area's median household income, according to a new report. (The analysis assumed a 20% down payment and a typical 30-year fixed mortgage rate of 6.82%.) Here's a look at the only three major U.S. metro areas where the average household can afford the costs of owning a typical home. Median home list price (May 2025): $249,900 Annual mortgage payment + tax and insurance: $19,970 Median household income: $72,935 % of income needed to cover housing costs: 27.4% Check Out: Median home list price (May 2025): $270,000 Annual mortgage payment + tax and insurance: $21,576 Median household income: $72,493 % of income needed to cover housing costs: 29.8% Median home list price (May 2025): $299,900 Annual mortgage payment + tax and insurance: $23,966 Median household income: $79,869 % of income needed to cover housing costs: 30% More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives 10 Cars That Outlast the Average Vehicle This article originally appeared on These Are the Only 3 US Cities With Affordable Homes, According to the 30% Rule
Independent Singapore
08-07-2025
- Business
- Independent Singapore
S'porean earning less than S$3K says they're ‘struggling to survive'
SINGAPORE: A local Reddit user who is having a hard time coping with their current financial challenges was looking for others who felt the same way. They asked in a recent post, 'Is anyone else feeling the pain and hardship of today's economy?' U/Adultingishard2345 wrote in their r/askSingapore post that they have 'no idea how people are surviving. From buying Housing & Development Board (HDB) flats, paying for trips, and having kids, how are you guys doing it?' They further explained that their salary is less than S$3,000 a month with Central Provident Fund (CPF), and on top of that, they have a number of health issues. Heartbreakingly, they added, 'I'm struggling to survive.' The post author is surprised that their friends can afford to buy a flat, go on vacation thrice a year, and have children and a helper. ' Is it just me, or are there others like me out there?' they asked. The Reddit users who commented on u/ Adultingishard2345's post, although sympathetic, let them know that part of the problem is their salary, which is significantly lower than what many in Singapore earn. 'The harsh reality is that most people earn more. The median salary is almost S$6k, which means 50% of people are higher than that. That's how everyone else can afford these things,' one wrote. 'Those people who can do all that are not earning $3k. Most of them will be earning around S$4k-S$5k per pax,' added another, although some chimed in to say that even that may not be enough. Others expressed anxiety as well, with an older worker writing, 'There's always that fear of layoffs, especially in the tech and finance industry. Even more scary for us over 40. We cut down a lot on our spending. Saving up for the rainy day, paying our mortgage in advance, and investing as much as we can. All we can do is prepare in case we get laid off.' Another observed that the post author is probably not the only one who feels the way they do. 'In Singapore, a lot are quietly suffering. Over time, it will become a mental issue. If you want to be happier in any economic situation, learn to live frugally and open your mind to the idea of moving overseas. 'If you load yourself with big commitments in Singapore, like a car loan and a 25-year mortgage, then obviously you are gonna be stuck in SG and going through thick and thin with the economy. A job lost will hit you harder than someone who has fewer commitments.' 'I would just think Singapore is not for everyone. I question myself in my early 30s. What is the meaning of my life in SG? Is it really just work, eat, gym, sleep, and pay my mortgage /loans, enjoy only 24 days of holidays in a year? If it's not for you, it's not for you. Find your meaning of life outside of SG,' a commenter added. 'You are probably at the bottom part of the spectrum in income level, and your existing health issues put you even below. Do explore gov't financial assistance programmes to see if you are eligible for any of them,' one advised. /TISG Read also: Singaporean asks if fresh tech grads are 'cooked' in terms of salary expectations
Yahoo
03-07-2025
- Business
- Yahoo
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
