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You Can Save for a Down Payment Faster Than You Think!


Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.

Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.

By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.

According to the data, residents in Ohio can save for a down payment the quickest in just under 3 years (2.44). Below is a map that was created using the data for each state:

You Can Save for a Down Payment Faster Than You Think! | MyKCM

What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3%-down programs? Suddenly, saving for a down payment no longer takes 5 or 10 years, but becomes possible in a year or two in many states as shown on the map below.

You Can Save for a Down Payment Faster Than You Think! | MyKCM

Bottom Line

Whether you have just started to save for a down payment, or have been saving for years, you may be closer to your dream home than you think! Let’s meet up so I can help you evaluate your ability to buy today.

It’s Tax Season… Use Your Refund to Jump Start Your Down Payment Savings!

It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | MyKCM

According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,840 this year when filing their taxes. This is down slightly from the average refund of $2,895, last year.

Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals; for anyone looking to buy a home in 2018, this can be a great jump start toward a down payment!

The map below shows the average tax refund Americans received last year by state. (The refunds received for the 2017 tax year should continue to reflect these numbers as the new tax code will go into effect for 2018 tax filings.)

It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | MyKCM

Many first-time buyers believe that a 20% down payment is required to qualify for a mortgage. Programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae all allow for down payments as low as 3%, with Veterans Affairs Loans allowing many veterans to purchase a home with 0% down.

If you started your down payment savings with your tax refund check this year, how close would you be to a 3% down payment?

The map below shows what percentage of a 3% down payment is covered by the average tax refund by taking into account the median price of homes sold by state.

It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | MyKCM


The darker the blue, the closer your tax refund gets you to homeownership! For those in Alabama looking to purchase their first homes, their tax refund could potentially get them 69% closer to that dream!

Bottom Line

Saving for a down payment can seem like a daunting task. But the more you know about what’s required, the more prepared you can be to make the best decision for you and your family! This tax season, your refund could be your key to homeownership!

Pam Oldaker a Trust Dale Realtor!

Love, Marriage and Home Ownership

40%  Of  Homeowners in Atlanta are married, and Atlanta is in the top 5 city for singles!

According to Realestate.com….

The U.S. demographics have changed, and for the first time more households are unmarried. Fifty-one percent of households are headed by an unmarried person. With more single people, we wanted to know if more single people are buying homes. According to the Wall Street Journal, men are buying homes at approximately the same rate as the 1980s; about 10 percent of homebuyers are single men. Single women, however, are buying more homes. In the 1980s single men and women bought homes at similar rates, but in the 2000s approximately 20 percent of homebuyers are single women, compared to single men representing 10 percent of homebuyers.
Married People are Homeowners

The cities with a high percentage of married people have a high percentage of homeowners. In cities with more than 30 percent married, we find that, on average, 50 percent of homes are occupied by homeowners. In comparison, cities with larger single populations, less than 30 percent married, only 39 percent of homes are occupied by homeowners.

So, married people are more likely to buy homes – this is hardly surprising. There is a reason they refer to getting married as settling down. When saving up for a down payment, it’s also easier to buy a home with dual income. The pros of renting – greater mobility, low maintenance costs and less responsibility – appeal to the single population.

While the percentage of the population that is married is correlated with homeownership, the prices of homes for sale in the city are not. Comparing median home listing prices and percentage of homeownership, we found little relationship between these figures.
What U.S. cities are the best for singles and married couples?
Love, Marriage & Homeownership

Some Fun Super Bowl Facts!

Do cities with higher home prices make more Super Bowl appearances
Super Bowl Appearances vs. Real Estate Prices

What is going on in East Cobb, new homes?

You don’t have  to be in real estate to see that land is being developed in East Cobb for new homes.   This is the first movement of building that has really happened since the real estate crash of 2007.  There are a few last pieces of land in East Cobb which new homes will sit and there is no question in my mind that they will sell like hot cakes!!

East Cobb has grown older, and to have the location, schools and lower taxes that Cobb County has with a brand new home is very desirable for buyers.

It’s going to be an exciting next couple of years watching this growth in an area where the quality of life is good, and to have brand new product will bring  jobs, and new families here to our community.

It will be a great time if have always wanted new but did not want to move far out,  for you to get that sparkling, never lived in before house right here in the heart of East Cobb.


East Cobb Voting Precincts

Well its that time tomorrow! Everyone has been waiting  regardless which side party you belong to or who your voting for, the most important thing is to vote of course.  I really liked Seth Godins blog today on “WhyVote? The Marketing Dynamics of Apathy . He puts it like it is, if you don’t vote you’ve opted out of the marketplace, kind of like wanting to sell your home but not telling anyone that you’re selling.  I hope to see you tomorrow the polls.

EAST COBB VOTING PRECINCTS (ZIP Codes 30062, 30067, 30068)

Chestnut Ridge  Chestnut Ridge Christian Church 2663 Johnson Ferry Road
Dickerson  Dickerson Middle School 855 Woodlawn Road 
Dodgen Dodgen Middle School 1725 Bill Murdock Road
Eastside 1 Congregation Etz Chaim  1190 Indian Hills Parkway
Eastside 2 Eastside Baptist Church 2450 Lower Roswell Road 
Elizabeth 3 Alliance Christian Church  1787 East Piedmont Road 
Elizabeth 4 Marietta Church of God  1083 Allgood Road 
Fullers Park Fullers Recreation Center  3499 Robinson Road 
Garrison Mill  Garrison Mill Elementary School  4111 Wesley Chapel Road 
Hightower Trail Hightower Trail Middle School 33905 Post Oak Tritt Road
Marietta 6A Lockheed Elementary School 1205 Merritt Road
Marietta 6B Mt. Paran Church of God North  1700 Allgood Road
Mount Bethel 1 Johnson Ferry Baptist Church  955 Johnson Ferry Road 
Mount Bethel 3 East Cobb Government Center  4400 Lower Roswell Road 
Mount Bethel 4 Mt. Bethel United Methodist Church 4385 Lower Roswell Road 
Murdock Murdock Elementary School  2320 Murdock Road 
Powers Ferry  John Knox Presbyterian Church  505 Powers Ferry Road 
Pope  Pope High School  3001 Hembree Road 
Roswell 1 East Cobb Church of Christ  5240 Roswell Road 
Roswell 2 Mt. Zion United Methodist Church  1770 Johnson Ferry Road 
Shallowford Falls  Shallowford Falls Elementary School  3529 Lassiter Road 
Sewell Mill 1 Temple Kol Emeth  1415 Old Canton Road 
Sewell Mill 3 Holt Road Baptist Church  675 Holt Road 
Sope Creek 1 Holy Family Catholic Church  3401 Lower Roswell Road 
Sope Creek 2 Sope Creek Elementary School  3320 Paper Mill Road 
Sope Creek 3 Lutheran Church of the Resurrection  4814 Paper Mill Road 
Terrell Mill  Eastvalley Elementary School  2570 Lower Roswell Road 
Timber Ridge  Timber Ridge Elementary School  5000 Timber Ridge Road 
Tritt  Northeast Cobb YMCA 3010 Johnson Ferry Road 

Related Topics: Cobb Elections, East Cobb, Georgia General Election, and election 2012

Rory, gotta love the humble superstar!

It was golf at it’s finest.  Rory yesterday in the PGA tour just walking away with the lead with incredible golf, full composure, and humility.   We all love a humble superstar, they don’t come around very often, and when it does, especially in golf, it is a nice change.

I think its the same in real estate, in the boom years of the market, many agents did not have to do anything for their clients and homes would sell. Today agents that are active and making a full time living in the market we have had since 2007 are some of the best in the business.  The others got out when times got tough and it wasn’t easy anymore.

I never knew the boom times, the “easy” market, where anyone could be a superstar.

Honestly, I felt the same way about agents that probably many of you did at the time as well. They make too much money for the effort they put in. They don’t know what they are doing and worst of all they seem a bit arrogant.

I really believe that I am a better agent for you because I have been successful in a tough market, I understand this market and it’s very cool now because it is starting to turn—finally.

I am excited about what I am seeing out there and it is a happier news when I am talking with sellers these days.  If you are thinking of moving, call me today, I promise to be humble and honest with you, not arrogant or all knowing, I will listen to your needs and advise you on how I can help you in this transitioning market place to help you benefit the most.  It’s not about me, it’s about you!  Call me today at 770-354-0243!




Dog Days of Summer 5K in East Cobb This Saturday

Today at midnight  is the deadline for  registration for the very popular 5th annual Dog Days 5K Run sponsored by the East Cobb Rotary with proceeds going to East Cobb Charities.

Come join me and most of East Cobb as we take part in this family fun event!

This is a fun run to do on a August summer morning, and it goes to a great cause. There are some new prizes this year in 2012.

Cash awards in the 5K to the Overall Open, Masters and Grand Masters Male & Female

Medals to top 3 finishers in 14 age groups from 10& under to 70 & over. Ribbons to all finishers in the 1K Run/Walk.

All parking will be at the start/finish at Johnson Ferry Baptist Church ( you can’t miss Johnson Ferry Baptist, its one of the biggest on Johnson Ferry on the right if you are traveling south on Johnson Ferry before you get to Lower Roswell Rd.

Click here to register or call the 24-hour Race Hotline – 678-535-344


Click here to find out more!

Great Secret in the heart of East Cobb

There is a great hike right in the middle of East Cobb off of Lower Roswell Rd across from the Ashforde Subdivision and many people don’t even realize it is there.  Take a look and call me today for other great tips about living in East Cobb! 770-354-0243


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