We did the math to calculate how much money you need to save monthly to buy a home by 35

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  • Saving up to buy your first home can be daunting, but it’s not impossible.
  • We calculated how much money aspiring homeowners need to save monthly to buy a home by the time they’re 35, depending on what age they begin saving.
  • We ran these calculations for eight housing price points at two down-payment rates, 10% and 20%.
  • We assumed the money is put in a high-yield savings account with a 1.6% annual interest rate.

Saving up for a down payment to buy a house may seem daunting. Compared with baby boomers who bought their first home in the 1980s, millennials buying their first home today might pay about 39% more on average, a study by Student Loan Hero found.

But higher home prices don’t mean that buying your first house is impossible.

See the rest of the story at Business Insider

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