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Here’s How Much You Need to Save Each Day to Buy a Home in Miami

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Number-crunchers at Realtor calculated the amount of money you’ll need to save each day to afford a typical down payment for a median home across 15 of America’s largest urban areas.

With a median home price of $350,000 and a 14.1 percent down payment, Miamians would need to save $27.03 a day to afford a down payment over five years or $13.51 a day to afford a down payment over 10 years.

Methodology:

  • They used median home listing prices in May and calculated a typical down payment for Miami (14 percent)
  • They calculated the amount needed to be saved with two timelines: over five years and 10 years (they assumed fixed home prices/down payment percentages)