How fast can you buy a Portland home by saving $45 a day? Analysis finds out
PORTLAND, Ore. (KOIN) – If you hope to buy a home for the first time in Portland, it’s possible, but it might take you some time to save if you only put away $45 a day.
A recent analysis from MutualFund.com found that first-time home buyers in the city looking to purchase a home will need to save at least $16,427 a year—or $45.01 per day—for five years in order to afford a median home price of $547,575.
Researchers based their findings on saving for a down payment of $82,136, or 15%.
MutualFund.com analyzed the median home price in June 2024 across 170 major cities in the U.S. According to a national survey, 47% of renters believe they will never own a home, and 46% of current renters say they do not have any savings for a down payment.
“Regardless of how much buyers put down, it’s clear that it’s more difficult than ever to afford a home. But with a strict and dedicated savings plan, owning a home isn’t completely out of reach,” the analysis said.
New York City tops the list for the most required savings to make a 15% down payment. With a median home value of $742,930, a down payment of $111,439” would require saving $61 per day for five years.
Top 10 cities with costly down payments
- New York City
- Los Angeles
- Chicago
- Houston
- Phoenix
- Philadelphia
- San Antonio
- San Diego
- Dallas
- Austin