For renters who are prepared to be more aggressive with their savings, we estimated how long it would take assuming they save 10% of their income. For a 20% down payment on the typical starter home, it would take 6.4 years at a savings rate of 10% (up almost exactly one year from the time it would have taken in 2016) and less than one year, around 11.5 months, to save up a 3% down payment.
Our insight:
This is exactly what some of our clients are feeling at the moment. There are some great Government incentives to support first time buyers and low interest rate will be around for a while. Continue reading here