Would you move if your career offered you a lower cost of homeownership in another state? Well, pack those bags because you've got some great prospects! Some occupations can get you as much as $4,000 in total savings per month depending on the state in which you live.
A recent PropertyShark report analyzed the median income of each occupation in each city, as well as the funds left over after rent and other living expenses have been paid for. With this information, they were able to determine how many months it would take to save for a 20 percent down payment in each city depending on the occupation. Here's what they found:
Law Enforcement
City: Dayton, Ohio
Savings: $4.4K
Total months to save: 3
Legal
Dayton, Ohio
$3.9K
4 months
Architecture / Engineering
Syracuse, N.Y.
$2.9K
7 months
Life / Physical/ Social Sciences
Mobile, Ala.
$2.9K
9 months
Computer / Engineering / Science
Huntsville, Ala.
$3.6K
10 months
Health Diagnosing / Treating Practitioners / Technical
Buffalo, N.Y.
$1.9K
10 months
Management
Huntsville, Ala., and Little Rock, Ark.
$3.2K and $3.1K
11 months
Computer / Mathematical
Detroit, Mich.
$0.9K
11 months
Business / Financial Operations
Springfield, Mo.
$1.5K
16 months
Healthcare Practitioner / Technical
Mobile, Ala., and Bakersfield, Calif.
$1.2K and $2.3K
21 months
If you're a lawyer or work in law enforcement, Dayton, Ohio, may be your best bet. There you can save for a 20 percent down payment in just five months at the median salary. It helps to know that the Wright-Patterson complex, one of the largest and most diverse air force bases in the country, is located right over the city lines. Talk about a great commute!
Can you imagine saving up for a down payment in just seven months? Architects can in Syracuse, N.Y. And if you work in healthcare, Buffalo, N.Y., might be the place to go. There you can save for a down payment in only 10 months.
So, if homeownership is on the mind but you're having trouble scraping together some savings for a down payment, perhaps you'll consider looking for a new place to call home. Did you move based on your occupation? Let us know where you ended up!
Nancy M. Alexander - Stone Harbor and Avalon NJ Real Estate NancyAlexander.com
