Saving for a new home is no easy feat, especially in today’s costly housing market. For instance, take a $500,000 home on America’s Eastern Seaboard: How long would it take you to save for a 20% down payment ($100,000) on such a house?
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Luckily, GOBankingRates can provide some answers. After recently researching the median income for a single person in every state in America, as well as calculating a yearly savings amount of 20% (and factoring in a monthly mortgage of $2,619 for each state), GOBankingRates was able to discern just how long it would take to put back $100,000 for your half-million-dollar dream home. Further, GOBankingRates projected how long it would take to save for one to five years of additional mortgage payments.
Here is what it would take to get your dream home on the East Coast.
Connecticut
- Median income for single person: $52,961
- Yearly savings for 20% down payment: $8,475
- How many years to save up down payment: 11.8
Saving for a down payment is only half the battle — it helps to put back money for mortgage payments as well. Assuming a presumed monthly minimum mortgage payment of $2,618 in Connecticut, it would take a homebuyer 15.51 years to save up both $100,000 for a down payment and one year’s worth of mortgage payments ($131,428), 19.2 years for the down payment and two years of mortgage payments ($162,856), 22.9 years for a down payment and three years of mortgage payments ($194,284), 26.6 years for the down payment and four years of mortgage payments ($225,712) and 30.3 years for a down payment and five years of mortgage payments ($257,140).
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Delaware
- Median income for single person: $49,822
- Yearly savings for 20% down payment: $8,054
- How many years to save up down payment: 12.4
The First State’s costs are such that it would take 16.3 years to save for a $100,000 down payment and one year’s worth of mortgage payments ($131,428), 20.2 years for the down payment and two years of mortgage payments ($162,856), 24.1 years for a down payment and three years of mortgage payments ($194,284), 28.0 years for the down payment and four years of mortgage payments ($225,712) and 31.9 years for a down payment and five years of mortgage payments ($257,140).
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Florida
- Median income for single person: $45,261
- Yearly savings for 20% down payment: $7,670
- How many years to save up down payment: 13.0
In Florida, it would take you 17.1 years to save for a 20% down payment and one year’s worth of mortgage payments ($131,428), 21.2 years for the down payment and two years of mortgage payments ($162,856), 25.3 years for a down payment and three years of mortgage payments ($194,284), 29.4 years for the down payment and four years of mortgage payments ($225,712) and 33.5 years for a down payment and five years of mortgage payments ($257,140).
Georgia
- Median income for single person: $45,785
- Yearly savings for 20% down payment: $7,390
- How many years to save up down payment: 13.5
Those hoping to for a $500,000 dream home in Georgia would require 17.8 years to save for a $100,000 down payment and one year’s worth of mortgage payments ($131,428), 22.0 years for the down payment and two years of mortgage payments ($162,856), 26.3 years for a down payment and three years of mortgage payments ($194,284), 30.5 years for the down payment and four years of mortgage payments ($225,712) and 34.8 years for a down payment and five years of mortgage payments ($257,140).
Maine
- Median income for single person: $41,915
- Yearly savings for 20% down payment: $6,873
- How many years to save up down payment: 14.6
In Maine a homebuyer will have to save 19.1 years for down payment and one year of mortgage payments ($131,428), 23.7 years for the down payment and two years of mortgage payments ($162,856), 28.3 years for a down payment and three years of mortgage payments ($194,284), 32.8 years for the down payment and four years of mortgage payments ($225,712) and 37.4 years for a down payment and five years of mortgage payments ($257,140).
Maryland
- Median income for single person: $61,575
- Yearly savings for 20% down payment: $9,406
- How many years to save up down payment: 10.6
Most Old Line State residents would have to save 14 years for a down payment and one year of mortgage payments ($131,428), 17.3 years for the down payment and two years of mortgage payments ($162,856), 20.7 years for a down payment and three years of mortgage payments ($194,284), 24.0 years for the down payment and four years of mortgage payments ($225,712) and 27.3 years for a down payment and five years of mortgage payments ($257,140).
Massachusetts
- Median income for single person: $59,635
- Yearly savings for 20% down payment: $9,471
- How many years to save up down payment: 10.6
Massachusetts will have you saving 13.9 years for a down payment and one year of mortgage payments ($131,428), 17.2 years for the down payment and two years of mortgage payments ($162,856), 20.5 years for a down payment and three years of mortgage payments ($194,284), 23.8 years for the down payment and four years of mortgage payments ($225,712) and 27.2 years for a down payment and five years of mortgage payments ($257,140).
New Hampshire
- Median income for single person: $54,582
- Yearly savings for 20% down payment: $9,168
- How many years to save up down payment: 10.9
To buy a home in New Hampshire for half a million dollars, a house hunter would save 14.3 years for a down payment and one year of mortgage payments ($131,428), 17.8 years for the down payment and two years of mortgage payments ($162,856), 21.2 years for a down payment and three years of mortgage payments ($194,284), 24.6 years for the down payment and four years of mortgage payments ($225,712) and 28.1 years for a down payment and five years of mortgage payments ($257,140).
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New Jersey
- Median income for single person: $57,782
- Yearly savings for 20% down payment: $9,357
- How many years to save up down payment: 10.7
The Garden State would take you 14.1 years to save a down payment and one year of mortgage payments ($131,428), 17.4 years for the down payment and two years of mortgage payments ($162,856), 20.8 years for a down payment and three years of mortgage payments ($194,284), 24.1 years for the down payment and four years of mortgage payments ($225,712) and 27.5 years for a down payment and five years of mortgage payments ($257,140).
New York
- Median income for single person: $52,516
- Yearly savings for 20% down payment: $8,379
- How many years to save up down payment: 11.9
New York’s real estate market will take you 15.7 years to save a $100,000 down payment and one year of mortgage payments ($131,428), 19.4 years for the down payment and two years of mortgage payments ($162,856), 23.2 years for a down payment and three years of mortgage payments ($194,284), 26.9 years for the down payment and four years of mortgage payments ($225,712) and 30.7 years for a down payment and five years of mortgage payments ($257,140).
North Carolina
- Median income for single person: $42,352
- Yearly savings for 20% down payment: $6,936
- How many years to save up down payment: 14.4
In North Carolina, it would take 19 years to save a 20% down payment of $500,000 and one year of mortgage payments ($131,428), 23.5 years for the down payment and two years of mortgage payments ($162,856), 28 years for a down payment and three years of mortgage payments ($194,284), 32.5 years for the down payment and four years of mortgage payments ($225,712) and 37.1 years for a down payment and five years of mortgage payments($257,140).
Pennsylvania
- Median income for single person: $44,365
- Yearly savings for 20% down payment: $7,165
- How many years to save up down payment: 14.0
The Keystone State’s residents would need 18.3 years to save a down payment and one year of mortgage payments ($131,428), 22.7 years for the down payment and two years of mortgage payments ($162,856), 27.1 years for a down payment and three years of mortgage payments ($194,284), 31.5 years for the down payment and four years of mortgage payments ($225,712) and 35.9 years for a down payment and five years of mortgage payments ($257,140).
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Rhode Island
- Median income for single person: 49,005
- Yearly savings for 20% down payment: $8,020
- How many years to save up down payment: 12.5
A $500,000 home in Rhode Island will require 16.4 years to save a down payment and one year of mortgage payments ($131,428), 20.3 years for the down payment and two years of mortgage payments ($162,856), 24.2 years for a down payment and three years of mortgage payments ($194,284), 28.1 years for the down payment and four years of mortgage payments ($225,712) and 32.1 years for a down payment and five years of mortgage payments ($257,140).
South Carolina
- Median income for single person: $40,063
- Yearly savings for 20% down payment: $6,706
- How many years to save up down payment: 14.9
South Carolinians will take 19.6 years to save a $100,000 down payment and one year of mortgage payments ($131,428), 24.3 years for the down payment and two years of mortgage payments ($162,856), 29.0 for a down payment and three years of mortgage payments ($194,284), 33.7 years for the down payment and four years of mortgage payments ($225,712) and 38.3 years for a down payment and five years of mortgage payments ($257,140).
Vermont
- Median income for single person: $46,243
- Yearly savings for 20% down payment: $7,624
- How many years to save up down payment: 13.1
In Vermont, you’ll save for 17.2 years to manage a $100,000 down payment and one year of mortgage payments ($131,428), 21.4 years for the down payment and two years of mortgage payments ($162,856), 25.5 years for a down payment and three years of mortgage payments ($194,284), 29.6 years for the down payment and four years of mortgage payments ($225,712) and 33.7 years for a down payment and five years of mortgage payments ($257,140).
Virginia
- Median income for single person: $54,765
- Yearly savings for 20% down payment: $8,721
- How many years to save up down payment: 11.5
Virginians will need to save for 15.1 years to secure a down payment and one year of mortgage payments ($131,428), 18.7 years for the down payment and two years of mortgage payments ($162,856), 22.3 years for a down payment and three years of mortgage payments ($194,284), 25.9 years for the down payment and four years of mortgage payments ($225,712) and 29.5 years for a down payment and five years of mortgage payments ($257,140).
Methodology: 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 conducted by the U.S. Census Bureau. GOBankingRates then found the post-tax income for single people in each state using an in-house income tax calculator, assuming they were taking the standard deduction and using tax bracket data from the Tax Foundation. 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. All data was collected on and is up to date as of June 12, 2025.
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This article originally appeared on GOBankingRates.com: How Long Would It Take You To Save for a $500K Home on the East Coast?
