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?

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.

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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.