Saving for a down payment in Massachusetts is no small affair, according to a new report

by Timothy Inklebarger

First-time homebuyers are jumping into the market to take advantage of historically low interest rates, and the trend in working from home has many considering moving to a new city. But where is the best place to save for a down payment?

A new analysis by CIA Landlord Insurance ranks the best and worst states to save for a home deposit based on metrics including state averages for monthly salary, house price, deposit, savings and the amount of time it is expected to take to save enough for a deposit.

Massachusetts was identified as the 14th most difficult state for saving for a deposit. Under the average conditions, a prospective homebuyer could save up the average deposit of $87,908 in 22.7 months, according to the report. That’s assuming they purchase a home at the average price of $439,541 and make the average monthly salary of $5,038. The ranking also assumes an average monthly living cost of $1,159 and an average monthly savings of $3,879.

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