"For starters, the Golden State has the highest down-payment goal: $83,200 vs. a median of $38,750 across the 50 states. After California came Hawaii at $74,400, and Massachusetts at $63,900. As for California's big rivals, Texas ranked No. 31 at $33,900, and Florida ranked No. 22 at $40,400. The U.S. lows were found in West Virginia at $24,000 and Iowa at $24,700."
"However, Golden State paychecks are generous. That makes the potential monetary pie from which to save income minus tax and core costs sizable in California at $33,200 of the leftover income?. That's No. 11 among the states and 19% above the 50-state median of $27,900. Maryland had the highest excess income at $42,600, followed by Utah at $41,500. Texas was No. 12 at $33,000, and Florida was No. 38 at $24,500. Lows? West Virginia at $17,100 and Louisiana at $18,500."
Time to save a 10% down payment was modeled assuming savers set aside 10% of income remaining after taxes and essential living costs. California’s median down-payment goal is $83,200, the highest among states, compared with a 50-state median of $38,750. Median leftover income in California is about $33,200, placing the state above the national median but not highest. At a 10% savings rate of that leftover income, Californians would need roughly 25 years to reach the down-payment target, substantially longer than the national median of 14 years and the longest nationwide.
Read at www.ocregister.com
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