A recent study came out from Hotpads. How long do you think it takes to get a house down payment Jacksonville FL? The answer, just 27 months. This is based on the average sales price of a home nationwide. That would be $216,000. Saving just 20% each month would take 6 years. In California it is by far the worst. San Francisco would require a renter to save for 12 years or 144 months to have the 20% for a down payment. Luckily the House Down Payment Jacksonville FL is far less.
“Home prices are outpacing incomes in many of the country’s largest markets, which makes saving for a home more difficult,” says Joshua Clark, economist at HotPads. “On top of that, the current generation of first-time buyers is dealing with unprecedented levels of student debt, making the down payment a major factor keeping young renters out of the housing market even though many young people say they have ambitions to buy.”
House Down Payment Jacksonville FL
In the most current June 2018 housing stats, the median housing price in Jacksonville FL has risen 10% from May 2018. The number is now $234,900. Days on Market was down 10.6 percent to 59 days. Sellers were encouraged as Months Supply of Inventory was down 7.7 percent to 3.6 months. With this price the 20% down amount would be about $47,000. Based on a conservative salary and saving of 20% of the salary per month toward the House Down Payment Jacksonville FL, the buyer would need about 4 years. And prices keep rising.
An alternative to the rising home prices are bank programs that allow lower down payments. There are some 3.5% down payment plans in effect with banks and mortgage lenders. If you only needed 3.5% and the house is $234,900 you would only need about 8 months of savings to get into the house. That would be a great option compared to 48 months in the House Down Payment Jacksonville FL story.
June 2018 Stats
June 2018 stats show much of the same from the previous months. Prices are rising, people are seeing rising prices of the neighbor homes. They are deciding to sell now too. A local increase in the acceleration in new home construction as well as the willingness of more existing homeowners to put their houses on the market. Other sellers want to benefit from big price gains on the assumption that housing prices may be peaking. And baby boomers who have stayed in their homes while delaying retirement may be hanging it up in greater numbers.
New listings are up, the median sales price is up, the ability to get more than asking is up. Finally the inventory is up too. The nation’s housing inventory increased 12.2 percent in the second quarter, the biggest gain since early 2015, according to real estate research firm Trulia. Things that went down for the period include the number of houses available for sale. Also closed sales dropped. This could be a sign that people are pricing their homes to far ahead of the market. Pushing the market to a new price level.
More money in the consumer’s pocket
Wages were stagnant for so long during the past few years. Add a new tax cut, a rising stock market, a global market reboom, it seems that people have more money to spend. People are buying new cars, you see more SUVs on the road now too. Just a few years ago, people were worried about gas and battery cars were all the rage.
But, what goes up, normally comes down too. The housing market needs the millennial generation to participate. With so much debt from school and other activities, its hard to see that breaking loose. The Government could step in and relieve some of the student debt issue. But other dominoes might fall too. Still the trend is plain to see, the House Down Payment Jacksonville FL is more manageable than in years past. Unemployment is one of the lowest in the state of Florida, here in Jacksonville. There is a lot going on and one day the secret will get out about Jacksonville. As stated, there are many programs that can help you with your house down payment Jacksonville FL so do not stop looking if you are hoping to buy your first home.