Saving up to buy a home can be a formidable task, and one that can feel impossible to manage as costs of living rise and the U.S. continues to experience a housing inventory shortage that drives up real estate prices.
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But building a nest egg to buy a home could be easier than you think, depending on which city you wish to buy in. There are many metros where you can save less than $20 a day, with the purpose of buying a home, and succeed in buying in five years.
In order to find out where you need to save $20 or less daily to afford a home in five years, MutualFund analyzed the median home price in June 2024 across the nation’s 170 most populated cities. From there, it calculated how much buyers would need to save annually as well as daily over a five-year period to afford a 15% down payment on a home.
Here are the 37 cities where saving less than $20 a day can get you a home over a five-year period .
Davel5957 / iStock.com Kansas City, Missouri Median home price: $241,555 Down payment: $36,233.25 Annual savings goal (five years): $7,246.65 Daily savings goal: $19.85 Check Out: 5 Worst Florida Cities To Buy Property in the Next 5 Years, According to Real Estate Agents
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sdominick / Getty Images/iStockphoto Pittsburgh Median home price: $239,496 Down payment: $35,924.40 Annual savings goal (five years): $7,184.88 Daily savings goal: $19.68 Discover More: I’m an Economist: Here’s My Prediction for the Housing Market If Trump Wins the Election
JTGrafix / iStock.com Springfield, Missouri Median home price: $233,376 Down payment: $35,006.40 Annual savings goal (five years): $7,001.28 Daily savings goal: $19.18 DenisTangneyJr / iStock.com
Fort Wayne, Indiana Median home price: $233,043 Down payment: $34,956.45 Annual savings goal (five years): $6,991.29 Daily savings goal: $19.15 traveler1116 / Getty Images Indianapolis Median home price: $231,197 Down payment: $34,679.55 Annual savings goal (five years): $6,935.91 Daily savings goal: $19 benedek / Getty Images
Buffalo, New York Median home price: $227,728 Down payment: $34,159.20 Annual savings goal (five years): $6,831.84 Daily savings goal: $18.72 Explore More: 20 Best Cities Where You Can Buy a House for Under $100K
Popova Valeriya / Shutterstock.com Philadelphia Median home price: $225,159 Down payment: $33,773.85 Annual savings goal (five years): $6,754.77 Daily savings goal: $18.51
DenisTangneyJr / iStock.com Rochester, New York Median home price: $224,734 Down payment: $33,710.10 Annual savings goal (five years): $6,742.02 Daily savings goal: $18.47 Trong Nguyen / Shutterstock.com Pasadena, Texas Median home price: $223,488 Down payment: $33,523.20 Annual savings goal (five years): $6,704.64 Daily savings goal: $18.37 Nagel Photography / Shutterstock.com El Paso, Texas Median home price: $223,913 Down payment: $33,586.95 Annual savings goal (five years): $6,717.39 Daily savings goal: $18.40 Find out: 6 Best Florida Suburbs To Buy Property in the Next 5 Years, According to Real Estate Agents
Meinzahn / Getty Images Baton Rouge, Louisiana Median home price: $222,135 Down payment: $33,320.25 Annual savings goal (five years): $6,664.05 Daily savings goal: $18.26 Trong Nguyen / Shutterstock.com Corpus Christi, Texas Median home price: $221,575 Down payment: $33,236.25 Annual savings goal (five years): $6,647.25 Daily savings goal: $18.21 ChrisBoswell / Getty Images/iStockphoto Fayetteville, North Carolina Median home price: $217,984 Down payment: $32,697.60 Annual savings goal (five years): $6,539.52 Daily savings goal: $17.92 csfotoimages / Getty Images Little Rock, Arkansas Median home price: $213,834 Down payment: $32,075.10 Annual savings goal (five years): $6,415.02 Daily savings goal: $17.58 Be Aware: 7 Worst States To Buy Property in the Next 5 Years, According to Real Estate Agents
Fredlyfish4 / Wikimedia Commons CC-BY-SA-3.0 Lubbock, Texas Median home price: $210,393 Down payment: $31,558.95 Annual savings goal (five years): $6,311.79 Daily savings goal: $17.29 Kenny C. / Yelper Milwaukee Median home price: $208,972 Down payment: $31,345.80 Annual savings goal (five years): $6,269.16 Daily savings goal: $17.18 Not Home / Wikimedia Commons Laredo, Texas Median home price: $207,838 Down payment: $31,175.70 Annual savings goal (five years): $$6,235.14 Daily savings goal: $17.08 traveler1116 / iStock.com Des Moines, Iowa Median home price: $206,706 Down payment: $31,005.90 Annual savings goal (five years): $6,201.18 Daily savings goal: $16.99 Check Out: 8 Places Where Houses Are Suddenly Major Bargains
Sean Pavone / Shutterstock.com Oklahoma City Median home price: $205,889 Down payment: $30,883.35 Annual savings goal (five years): $6,176.67 Daily savings goal: $16.92 val lawless / Shutterstock.com Tulsa, Oklahoma Median home price: $204,809 Down payment: $30,721.35 Annual savings goal (five years): $6,144.27 Daily savings goal: $16.83 halbergman / Getty Images/iStockphoto Amarillo, Texas Median home price: $200,477 Down payment: $30,071.55 Annual savings goal (five years): $$6,014.31 Daily savings goal: $16.48 Davel5957 / iStock.com Wichita, Kansas Median home price: $198,504 Down payment: $29,775.60 Annual savings goal (five years): $5,955.12 Daily savings goal: $16.32 Read Next: 6 Best Cities To Buy Property in the Next 5 Years, According to Real Estate Agents
©Google Maps Mobile, Alabama Median home price: $194,279 Down payment: $29,141.85 Annual savings goal (five years): $5,828.37 Daily savings goal: $15.97 TriggerPhoto / Getty Images/iStockphoto Kansas City, Kansas Median home price: $191,080 Down payment: $28,662.00 Annual savings goal (five years): $5,732.40 Daily savings goal: $15.71 Richard Thornton / Shutterstock.com Baltimore Median home price: $188,560 Down payment: $28,284 Annual savings goal (five years): $$5,656.80 Daily savings goal: $15.50 25or6to4 / Wikimedia Commons CC-BY-SA-3.0 Brownsville, Texas Median home price: $186,717 Down payment: $28,007.55 Annual savings goal (five years): $5,601.51 Daily savings goal: $15.35 Learn More: Mortgage Rates Are Dropping: 20 Housing Markets With the Most Affordable Home Prices
Art Wager / iStock.com St. Louis Median home price: $181,513 Down payment: $27,226.95 Annual savings goal (five years): $5,445.39 Daily savings goal: $14.92 ESB Professional / Shutterstock.com Augusta, Georgia Median home price: $176,796 Down payment: $26,519.40 Annual savings goal (five years): $5,303.88 Daily savings goal: $14.53 ©Shutterstock.com Memphis, Tennessee Median home price: $152,280 Down payment: $22,842 Annual savings goal (five years): $4,568.40 Daily savings goal: $12.52 Sean Pavone / Shutterstock.com Montgomery, Alabama Median home price: $144,466 Down payment: $21,669.90 Annual savings goal (five years): $4,333.98 Daily savings goal: $11.87 Be Aware: America’s 50 Most Expensive Retirement Towns
Sean Pavone / Shutterstock.com Shreveport, Louisiana Median home price: $138,808 Down payment: $20,821.20 Annual savings goal (five years): $4,164.24 Daily savings goal: $11.41 ©Shutterstock.com Akron, Ohio Median home price: $133,601 Down payment: $20,040.15 Annual savings goal (five years): $4,008.03 Daily savings goal: $10.98 Sean Pavone / Shutterstock.com Birmingham, Alabama Median home price: $132,979 Down payment: $19,946.85 Annual savings goal (five years): $3,989.37 Daily savings goal: $10.93 Ron_Thomas / iStock.com Toledo, Ohio Median home price: $123,237 Down payment: $18,485.55 Annual savings goal (five years): $3,697.11 Daily savings goal: $10.13 Find Out: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security
Ralph Navarro / Getty Images/iStockphoto Cleveland Median home price: $110,545 Down payment: $16,581.75 Annual savings goal (five years): $3,316.35 Daily savings goal: $9.09 Steven_Kriemadis / Getty Images Detroit Median home price: $72,457 Down payment: $10,868.55 Annual savings goal (five years): $2,173.71 Daily savings goal: $5.96 Sean Pavone / Shutterstock.com Jackson, Mississippi Median home price: $64,014 Down payment: $9,602.10 Annual savings goal (five years): $1,920.42 Daily savings goal: $5.26
This article originally appeared on GOBankingRates.com : 37 Cities Where Saving Less Than $20 a Day Can Buy You a Home in 5 Years
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