One of the cornerstones of the typical American dream is to purchase an idyllic home in your dream state. Yet, with the rising costs of real state in the 2020s, many a dream home can be rather expensive — even half a million dollars for some houses. That raises a question: How long would it take you to save up the 20% down payment ($100,000) necessary to own a $500,000 home?
Also See: I’m a Realtor — This Is Why No One Wants To See Your Home
Learn More: 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth
Recently, GOBankingRates analyzed the median income for a single person in every state in the union, via information compiled by the U.S. Census Bureau. From that, GOBankingRates then calculated the yearly savings amount of 20% of that income per state (factoring in an average monthly mortgage amount of $2,619). From that calculus, GOBankingRates was then able to devise just how long it would take to save the $100,000 down payment necessary for a dream home in your dream state.
Let’s say that dream state happens to be in the American West — see how long it would take to amass that down payment and score a $500,000 home everywhere from Colorado to Hawaii.
Arizona
- Median income for single person: $49,118
- Yearly savings for 20% down payment: $8,117
- How many years to save up down payment: 12.3
Once you’ve made the down payment, there are certainly mortgage payments to come as well, with a presumed payment of $2,618 per month. In Arizona, it would take 16.2 years to save for a down payment and one year of mortgage payments ($131,428), 20 years to save for the down payment and two years of mortgage payments ($162,856), 23.9 years to save for a down payment and three years of mortgage payments ($194,284), 27.8 years to save for a down payment and four years of mortgage payments ($225,712) and 31.7 years to save for a down payment and five years of mortgage payments ($257,140).
Check Out: 7 Cities With Homes Expected To Plummet in Value in the Second Half of 2025
Discover More: These Are America’s 50 Wealthiest Suburbs
California
- Median income for single person: $61,846
- Yearly savings for 20% down payment: $9,943
- How many years to save up down payment: 10.1
In the Golden State, it would take 13.2 years to save for a down payment and one full year of mortgage payments ($131,428), 16.4 years to save for the down payment and two years of mortgage payments ($162,856), 19.5 years to save for a down payment and three years of mortgage payments ($194,284), 22.7 years to save for the down payment and four years of mortgage payments ($225,712) and 25.9 years to save for the down payment and five years of mortgage payments ($257,140).
Explore More: 25 Places To Buy a Home If You Want It To Gain Value
Colorado
- Median income for single person: $58,970
- Yearly savings for 20% down payment: $9,483
- How many years to save up down payment: 10.6
In the great state of Colorado, it would take you on average about 13.9 years to save for a down payment and one full year of mortgage payments ($131,428), 17.2 years to save for the down payment and two years of mortgage payments ($162,856), 20.5 years to save for a down payment and three years of mortgage payments ($194,284), 23.8 years to save for the down payment and four years of mortgage payments ($225,712) and 27.1 years to save for the down payment and five years of mortgage payments ($257,140).
Idaho
- Median income for single person: $43,770
- Yearly savings for 20% down payment: $7,127
- How many years to save up down payment: 14.0
Idaho will take you somewhat longer to save than other states thus far. For instance, it would take you 18.4 years to save for a $100,000 down payment and one year of mortgage payments ($131,428), 22.9 years to save for the down payment and two years of mortgage payments ($162,856), 27.3 years to save for a down payment and three years of mortgage payments ($194,284), 31.7 years to save for a down payment and four years of mortgage payments ($194,284) and 36.1 years for the down payment and five years of mortgage payments ($257,140).
Montana
- Median income for single person: $41,864
- Yearly savings for 20% down payment: $6,763
- How many years to save up down payment: 14.8
Due in part to lower wages than other states in the west, Montana will take you even longer to set aside money for mortgage savings. In the Treasure State, it would take 19.4 years to save up for a $100,000 down payment plus one year of mortgage payments ($131,428), 24.1 years to save the down payment and two years of mortgage payments ($162,856), 28.7 years to save a down payment and three years of mortgage payments ($194,284), 33.4 years to save the down payment and four years of mortgage payments ($225,712) and 38 years to save a down payment and five years of mortgage payments ($257,140).
Nevada
- Median income for single person: $48,386
- Yearly savings for 20% down payment: $8,172
- How many years to save up down payment: 12.2
As long as you don’t gamble away your savings in Las Vegas, it would take 16.1 years to save up for a $100,000 down payment and one year of mortgage payments ($131,428), 19.9 years to save a down payment and two years of mortgage payments ($162,856), 23.8 years to save the down payment and three years of mortgage payments, 27.6 years to save a down payment and four years of mortgage payments ($225,712) and 31.5 years to save the down payment and five years of mortgage payments ($257,140).
New Mexico
- Median income for single person: $39,679
- Yearly savings for 20% down payment: $6,583
- How many years to save up down payment: 15.2
The Land of Enchantment will take you 19.9 years to put back a $100,000 down payment and one year of mortgage payments ($131,428), 24.7 years to save the down payment and two years of mortgage payments ($162,856), 29.5 years for a down payment and three years of mortgage payments ($194,284), 34.3 years for the down payment and four years of mortgage payments ($224,712) and 39.1 years for a down payment and five years of mortgage payments ($257,140).
Oregon
- Median income for single person: $49,779
- Yearly savings for 20% down payment: $7,626
- How many years to save up down payment: 13.1
In Oregon, it would take you 15.9 years to put back the down payment along with one year’s worth of mortgage payments ($131,428), 21.4 years to save a down payment and two years of mortgage payments, 25.5 years to save the down payment and three years of mortgage payments ($194,284), 29.6 years to save a down payment and four years of mortgage payments ($224,712) and 33.7 years to save the down payment along with five years of mortgage payments ($257,140).
Find Out: How Much House Does $300K, $400K and $500K Buy You in Every State?
Utah
- Median income for single person: $52,010
- Yearly savings for 20% down payment: $8,281
- How many years to save up down payment: 12.1
The Beehive State is a pretty affordable one from a real estate perspective, taking about 15.9 years to squirrel away a $100,000 down payment plus a year of mortgage payments ($131,428), 19.7 years to save the down payment and two years of mortgage payments ($162,856), 23.5 years to save a down payment and three years of mortgage payments ($194,284), 27.3 years to save the down payment and four years of mortgage payments and 31.1 years to set aside the down payment and five years of mortgage payments ($257,140).
Washington
- Median income for single person: $59,539
- Yearly savings for 20% down payment: $9,964
- How many years to save up down payment: 10.0
Washington won’t take you nearly as long as most of the other states in the West to save up for a $100,000 down payment as well as a number of mortgage payments. For example, it would take you 13.2 years to save the down payment plus one year of mortgage payments ($131,428), 16.3 years to save a down payment and two years of mortgage payments ($162,856), 19.5 years to save the down payment and three years of mortgage payments ($194,284), 22.7 years to save a down payment and four years of mortgage payments ($225,712) and 25.8 years to put back a down payment and five years of mortgage payments.
Wyoming
- Median income for single person: $43,379
- Yearly savings for 20% down payment: $7,368
- How many years to save up down payment: 13.6
In Wyoming, it’s going to take a homebuyer 17.8 years to save a $100,000 down payment and one year of mortgage payments ($131,428), 22.1 years to save the down payment and two years of mortgage payments ($162,856), 26.4 years to save a down payment and three years of mortgage payments ($194,284), 30.6 years to save the down payment and four years of mortgage payments ($225,712) and 34.9 years to save a down payment and five years’ worth of mortgage payments ($257,140).
Methodology: For this piece, GOBankingRates first found median income for a single person (defined in the American Community Survey as “non-family households”) for each state, as sourced from the 2023 American Community Survey as conducted by the U.S. Census Bureau. GOBankingRates then set the down payment at 20% and assumed a person would be following the 50/30/20 rule where 20% of post-tax income goes toward savings and debt repayment. GOBankingRates then calculated how long it would take a single person in each state following the 50/30/20 rule to save for the down payment ($100,000) on a $500,000 home. From there GOBankingRates also calculated the 30-year fixed mortgage on a $500,000 home, assuming no private mortgage insurance, no homeowner’s association fees and no property tax, with a rate of 6.84% as sourced from Freddie Mac. All data was collected on and is up to date as of June 12, 2025.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: How Long Would It Take You To Save for a $500K Home in Every Western State?
