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
