How long did it take for you and SO to save up to buy a house?

Question

Bonus question for the commenters, which state or country are you living in? I will be moving to the U.S. soon with my husband, and we plan on finding a decent but cheap 1br apartment first as we settle into the new environment. We'll work hard and save up and try to buy our own house asap, so I'm just wondering how long it might take on average (we are a married couple in our early 30s, fyi).

Answer

Really depends on your income level, existing debt, help from family, and where you are going to be living.  Places like San Francisco, NY, even Portland Or, it is really hard to save much because rent is so high.  Only way hubby and I are able to buy right now is with help from family.

Answer

We were soooo lucky, my fiancés dad gave us £20,000 towards a deposit. Otherwise we'd still be saving 3 years on!

Answer

I live in NYC and we are currently still renting but my SO got a 150k inheritance that we are using as a down payment considering a 3bdrm house will cost at least 700k, but we are also saving my income for a nested for emergencies.

Answer

It took us 3 months to come up with the down payment but about a year of cleaning up credit.

Answer

I live in Oklahoma. From the time we decided to build our first house until the time we closed and moved in was 9 months. We saved plenty for our down payment (we did an fha loan which is 3.5%) plus enough to buy all new furniture. Granted we were living with my husband's dad at the time so we had no rent or utility bills so saving was easier. If we were renting it would have taken us years to come up with the same amount.

Answer

Depends on what you are starting with, credit score, debt, price of house you're looking at, debt to income ratio, etc. Will you be putting down 20%, 10%, etc. I'd say renting for a year is goid, figure out area you like, type of house you want and can afford and don't open up new lines of credit (car, phone) but do have credit so they can see you pay things down/off. Have a job a year and figure out type of mortgage you want. Talk to different bsnks/brokers to find someone you like and trust once yoyre ready

Answer

There's also programs that you only have to put down 3.5%(fha) and the rural development is zero down if you qualify and the house is located in a rural area.

How long did it take for you and SO to save up to buy a house?

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