Study Shows Nevadans Need 6 Years To Save For A New Home

If you're looking to purchase a new home in Nevada, you better start saving up. And if you start putting cash aside now, you could be ready to purchase by 2031. At least according to a recent study, which revealed the years of saving it takes to save for a 10% down payment on a new home in each U.S. state. Nevadans, according to the results, need approximately six years.

The study was conducted by Chicksx, a crypto exchange website. For the study, Chicksx analyzed data from the Bureau of Economic Analysis and the US Census Bureau. The results revealed how long the average earner in each state needs to save for a home. The study considered both the average wage in each state as well as the median home price to determine the results.

While Nevada wasn't at the top of the list, it did land in the Top 10 for the longest amount of time needed to save for a home. With a median home price of $441,100 and an average monthly income (after expenses) of $1,111, Nevada took the seventh spot.

And while 6 years sounds like a long time, there are six other states where the wait to buy a new home is even greater. The average Florida, Oregon and Georgia residents have to save for over seven years to purchase a home. Those in Utah and Arizona have to save for over eight years. And California residents have to save for an average of ten and a half years.

But Hawaii takes the cake on how long residents needs to save for a down payment on a new property. Actually, it takes the whole bakery. With a median home value of $846,400 and average income of $489 after monthly expenses, Hawaii residents have to save for almost 29 years to purchase.

And remember, this isn't the length of time it takes to save the entire cost of a home in each state. Just for a 10% down payment! While this might be discouraging for those living in or relocating to the aforementioned states, there's positive results outside of these regions.

The easiest state for potential homebuyers to save, according to the study, is Wyoming. The state’s average annual income after tax is $72,699, with monthly expenses at $3,447. That leaves $2,611 each month for home savings. The median home price in Wyoming is $298,700, which means residents can afford a 10% down payment with less than two years of savings.

The other states in the Top 10 for shortest length of saving include South and North Dakota, Nebraska, Oklahoma, Iowa, Arkansas, Kansas, Connecticut and Illinois. All of which showed a savings time of less than three years in the study.

Want more from this author? Check out her home page.