Renters in Dayton could save 10% for a down payment on a starter home in just 21 months by downsizing their current rental by one bedroom, according to a recent RentCafe survey.
The firm analyzed 200 cities to determine where renters can save for a down payment by the fastest merely by downsizing by a bedroom and found that renters could save an average of $3,735 per year with the strategy. Dayton was followed by Philadelphia (savings of 10% for a down payment in 1 year and 10 months) and Jackson, Miss. (2 years). Chicago comes in fourth (2 years and 3 months to reach the goal) while giving up a bedroom in New York saves renters more than $20,000 per year.
The median starter home price in Dayton clocks in at $57,652, with a down payment value of $5,765.
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