How Long It Would Take You To Save for a $500K Home in Your State

Half a million dollars can go a very long way, whether it’s being used to pay off all your debts, secure a safe and stable retirement, or most especially to purchase an incredible $500,000 home in your state. Which begs the question: Just how long would it take you to save for a 20% down payment ($100,000) for such a pricey house?

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Recently, GOBankingRates researched the median income for a single person in each state in America, as sourced from the U.S. Census Bureau. From there, GOBankingRates calculated a yearly savings amount of 20% of that income per state, factoring in a monthly mortgage of $2,619. From those numbers, GOBankingRates was able to calculate just how long it would take you to save the $100,000 down payment needed to purchase your $500,000 dream home in your state.

While it turns out some the priciest states (Washington, California, Hawaii) would take individuals only a decade to put back $100,000, in less expensive states in which wages are lower, the time it would take to save for a $500,000 home is nearly twice as long — Arkansas, West Virginia and Mississippi all would take nearly 20 years.

See how long it would take you to save up $100,000 for your dream home down payment in your state.

Alabama

• Median income for single person: $34,564

• Yearly savings for 20% down payment: $5,670

• How many years to save up down payment: 17.6

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Alaska

• Median income for single person: $58,232

• Yearly savings for 20% down payment: $9,755

• How many years to save up down payment: 10.3

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Arizona

• Median income for single person: $49,118

• Yearly savings for 20% down payment: $8,117

• How many years to save up down payment: 12.3

Arkansas

• Median income for single person: $33,475

• Yearly savings for 20% down payment: $5,606

• How many years to save up down payment: 17.8

California

• Median income for single person: $61,846

• Yearly savings for 20% down payment: $9,943

• How many years to save up down payment: 10.1

Colorado

• Median income for single person: $58,970

• Yearly savings for 20% down payment: $9,483

• How many years to save up down payment: 10.6

Connecticut

• Median income for single person: $52,961

• Yearly savings for 20% down payment: $8,475

• How many years to save up down payment: 11.8

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Delaware

• Median income for single person: $49,822

• Yearly savings for 20% down payment: $8,054

• How many years to save up down payment: 12.4

Florida

• Median income for single person: $45,261

• Yearly savings for 20% down payment: $7,670

• How many years to save up down payment: 13.0

Georgia

• Median income for single person: $45,785

• Yearly savings for 20% down payment: $7,390

• How many years to save up down payment: 13.5

Hawaii

• Median income for single person: $58,149

• Yearly savings for 20% down payment: $9,163

• How many years to save up down payment: 10.9

Idaho

• Median income for single person: $43,770

• Yearly savings for 20% down payment: $7,127

• How many years to save up down payment: 14.0

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Illinois

• Median income for single person: $48,992

• Yearly savings for 20% down payment: $7,812

• How many years to save up down payment: 12.8

Indiana

• Median income for single person: $40,986

• Yearly savings for 20% down payment: $6,609

• How many years to save up down payment: 15.1

Iowa

• Median income for single person: $43,273

• Yearly savings for 20% down payment: $7,116

• How many years to save up down payment: 14.1

Kansas

• Median income for single person: $42,323

• Yearly savings for 20% down payment: $6,858

• How many years to save up down payment: 14.6

Kentucky

• Median income for single person: $36,358

• Yearly savings for 20% down payment: $5,974

• How many years to save up down payment: 18.7

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Louisiana

• Median income for single person: $34,604

• Yearly savings for 20% down payment: $5,810

• How many years to save up down payment: 17.2

Maine

• Median income for single person: $41,915

• Yearly savings for 20% down payment: $6,873

• How many years to save up down payment: 14.6

Maryland

• Median income for single person: $61,575

• Yearly savings for 20% down payment: $9,406

• How many years to save up down payment: 10.6

Massachusetts

• Median income for single person: $59,635

• Yearly savings for 20% down payment: $9,471

• How many years to save up down payment: 10.6

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Michigan

• Median income for single person: $42,017

• Yearly savings for 20% down payment: $6,756

• How many years to save up down payment: 14.8

Minnesota

• Median income for single person: $51,687

• Yearly savings for 20% down payment: $8,290

• How many years to save up down payment: 12.1

Mississippi

• Median income for single person: $30,138

• Yearly savings for 20% down payment: $5,128

• How many years to save up down payment: 19.5

Missouri

• Median income for single person: $40,443

• Yearly savings for 20% down payment: $6,711

• How many years to save up down payment: 14.9

Montana

• Median income for single person: $41,864

• Yearly savings for 20% down payment: $6,763

• How many years to save up down payment: 14.8

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Nebraska

• Median income for single person: $43,148

• Yearly savings for 20% down payment: $7,057

• How many years to save up down payment: 14.2

Nevada

• Median income for single person: $48,386

• Yearly savings for 20% down payment: $8,172

• How many years to save up down payment: 12.2

New Hampshire

• Median income for single person: $54,582

• Yearly savings for 20% down payment: $9,168

• How many years to save up down payment: 10.9

New Jersey

• Median income for single person: $57,782

• Yearly savings for 20% down payment: $9,357

• How many years to save up down payment: 10.7

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New Mexico

• Median income for single person: $39,679

• Yearly savings for 20% down payment: $6,583

• How many years to save up down payment: 15.2

New York

• Median income for single person: $52,516

• Yearly savings for 20% down payment: $8,379

• How many years to save up down payment: 11.9

North Carolina

• Median income for single person: $42,352

• Yearly savings for 20% down payment: $6,936

• How many years to save up down payment: 14.4

North Dakota

• Median income for single person: $45,414

• Yearly savings for 20% down payment: $7,694

• How many years to save up down payment: 13.0

Ohio

• Median income for single person: $41,653

• Yearly savings for 20% down payment: $6,808

• How many years to save up down payment: 14.7

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Oklahoma

• Median income for single person: $38,142

• Yearly savings for 20% down payment: $6,285

• How many years to save up down payment: 15.9

Oregon

• Median income for single person: $49,779

• Yearly savings for 20% down payment: $7,626

• How many years to save up down payment: 13.1

Pennsylvania

• Median income for single person: $44,365

• Yearly savings for 20% down payment: $7,165

• How many years to save up down payment: 14.0

Rhode Island

• Median income for single person: 49,005

• Yearly savings for 20% down payment: $8,020

• How many years to save up down payment: 12.5

South Carolina

• Median income for single person: $40,063

• Yearly savings for 20% down payment: $6,706

• How many years to save up down payment: 14.9

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South Dakota

• Median income for single person: $43,596

• Yearly savings for 20% down payment: $7,402

• How many years to save up down payment: 13.5

Tennessee

• Median income for single person: $40,831

• Yearly savings for 20% down payment: $6,958

• How many years to save up down payment: 14.4

Texas

• Median income for single person: $47,584

• Yearly savings for 20% down payment: $8,043

• How many years to save up down payment: 12.4

Utah

• Median income for single person: $52,010

• Yearly savings for 20% down payment: $8,281

• How many years to save up down payment: 12.1

Vermont

• Median income for single person: $46,243

• Yearly savings for 20% down payment: $7,624

• How many years to save up down payment: 13.1

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Virginia

• Median income for single person: $54,765

• Yearly savings for 20% down payment: $8,721

• How many years to save up down payment: 11.5

Washington

• Median income for single person: $59,539

• Yearly savings for 20% down payment: $9,964

• How many years to save up down payment: 10.0

West Virginia

• Median income for single person: $32,953

• Yearly savings for 20% down payment: $5,516

• How many years to save up down payment: 18.1

Wisconsin

• Median income for single person: $46,629

• Yearly savings for 20% down payment: $7,550

• How many years to save up down payment: 13.2

Wyoming

• Median income for single person: $43,379

• Yearly savings for 20% down payment: $7,368

• How many years to save up down payment: 13.6

Methodology: For this piece, GOBankingRates first found median income for a single person (defined in the American Community Survey as “non-family households”) for each state, as sourced from the 2023 American Community Survey as conducted by the U.S. Census Bureau. GOBankingRates then set the down payment at 20% and assumed a person would be following the 50/30/20 rule where 20% of post-tax income goes toward savings and debt repayment. GOBankingRates then calculated how long it would take a single person in each state following the 50/30/20 rule to save for the down payment ($100,000) on a $500,000 home. From there GOBankingRates also calculated the 30-year fixed mortgage on a $500,000 home, assuming no private mortgage insurance, no homeowner’s association fees and no property tax, with a rate of 6.84% as sourced from Freddie Mac. All data was collected on and is up to date as of June 12, 2025.

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This article originally appeared on GOBankingRates.com: How Long It Would Take You To Save for a $500K Home in Your State