Saving 20% of your income could catapult you into purchasing a home in the next one to three years, depending on your market. For example, if you‘re earning $96,000 per year, that’s $19,200 saved after one year. It’s $38,400 after two years and $57,600 after three.
Also to know is, is it worth putting 20 down on a house?
Good reasons to put down at least 20% include: You won’t have to pay for mortgage insurance. Your monthly payment will be lower. You’ll likely earn a lower mortgage interest rate.