For many people, trying to save enough money for a down payment on a home may feel like an overwhelming task. According to the Federal Reserve, the average sales price of houses sold in the United States was $501,700 in Q2 2024. Meanwhile, the median home down payment was $64,000 during that same period, a 13.4% increase year over year, according to real estate data provider ATTOM.
Trying to save thousands of dollars (often tens of thousands of dollars) for a down payment is a goal that takes time for the average person to accomplish. As a result, it’s important to understand not only how much money you need to save for a down payment, but also the best place to store your cash while you’re working toward this important financial accomplishment.
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