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21 Creative Ways to Save Money for a Home Down Payment

To make the leap from renter to homeowner, you’ll need to save, or have already started saving, for a down payment. A down payment is typically between 3% and 20% of the purchase price of a home, but if you’re like the median successful buyer, your down payment might be anywhere between 10% and 19%. That may feel overwhelming if you’re just starting out, but setting up a budget and finding creative ways to save money over time can help. A 2022 Zillow study found that 63% of recent buyers who obtained a mortgage used savings for at least part of their down payment.

The exact amount you save every month will depend on how much you expect to spend on a down payment — if you’re stuck, don’t hesitate to talk to a lender. They can help you break down the numbers, and once you’ve pick an estimated moving date, you can calculate your necessary savings from there.

If you already have a designated monthly savings bucket, that’s a great start. Of course, the more you’re able to put away, the faster you’ll reach your savings goals for your home. Here are 21 ideas to help make that happen.

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