How Long It Would Take a Recent Graduate To Save for a Down Payment in Every State

The average student loan debt at graduation is now nearly $38,000, according to the Education Data Initiative. While college graduates earn more than those without degrees on average, the starting salary for graduates is just over $64,000, according to the National Association of Colleges and Employers. These numbers mean that saving for a down payment while paying off student loans is challenging to say the least.

To find out how long it would take a college graduate with student debt to save for a 20% down payment in every state, Zoocasa found the average student loan debt by state and the cost of a median-priced home in every state, and assumed a standard 10-year repayment period and a 6.87% interest rate, plus a 4.4% savings rate for personal savings. The study also assumed the graduate was earning the average starting salary.

Based on this analysis, here’s how long it would take a recent graduate to save for a down payment in every state.

• Average student loan debt: $38,709
• Monthly payment: $447
• Median home price: $220,196
• Years to save for a 20% down payment: 16.9

• Average student loan debt: $35,821
• Monthly payment: $414
• Median home price: $436,407
• Years to save for a 20% down payment: 33.4

• Average student loan debt: $35,675
• Monthly payment: $412
• Median home price: $439,000
• Years to save for a 20% down payment: 33.6

• Average student loan debt: $33,945
• Monthly payment: $392
• Median home price: $39,706
• Years to save for a 20% down payment: 15.1

• Average student loan debt: $38,168
• Monthly payment: $441
• Median home price: $888,740
• Years to save for a 20% down payment: 68.5

• Average student loan debt: $37,392
• Monthly payment: $432
• Median home price: $583,000
• Years to save for a 20% down payment: 44.8

• Average student loan debt: $36,672
• Monthly payment: $423
• Median home price: $409,905
• Years to save for a 20% down payment: 31.5

• Average student loan debt: $38,404
• Monthly payment: $443
• Median home price: $401,316
• Years to save for a 20% down payment: 30.9

• Average student loan debt: $39,262
• Monthly payment: $453
• Median home price: $415,000
• Years to save for a 20% down payment: 32.1

• Average student loan debt: $42,026
• Monthly payment: $485
• Median home price: $369,990
• Years to save for a 20% down payment: 28.8

• Average student loan debt: $38,683
• Monthly payment: $447
• Median home price: $1,036,250
• Years to save for a 20% down payment: 79.9

• Average student loan debt: $33,119
• Monthly payment: $382
• Median home price: $443,630
• Years to save for a 20% down payment: 33.8

• Average student loan debt: $39,055
• Monthly payment: $451
• Median home price: $285,000
• Years to save for a 20% down payment: 22

• Average student loan debt: $33,270
• Monthly payment: $384
• Median home price: $258,000
• Years to save for a 20% down payment: 19.6

• Average student loan debt: $30,925
• Monthly payment: $357
• Median home price: $235,000
• Years to save for a 20% down payment: 17.8

• Average student loan debt: $33,281
• Monthly payment: $384
• Median home price: $319,067
• Years to save for a 20% down payment: 24.3

• Average student loan debt: $33,581
• Monthly payment: $388
• Median home price: $265,000
• Years to save for a 20% down payment: 20.2

• Average student loan debt: $34,866
• Monthly payment: $402
• Median home price: $239,000
• Years to save for a 20% down payment: 18.3

• Average student loan debt: $34,280
• Monthly payment: $396
• Median home price: $400,000
• Years to save for a 20% down payment: 30.5

• Average student loan debt: $43,692
• Monthly payment: $504
• Median home price: $425,000
• Years to save for a 20% down payment: 33.2

• Average student loan debt: $35,529
• Monthly payment: $410
• Median home price: $625,000
• Years to save for a 20% down payment: 47.9

Find More: 5 Cities Where Homes Will Be a Total Steal in 2 Years

• Average student loan debt: $36,886
• Monthly payment: $426
• Median home price: $305,483
• Years to save for a 20% down payment: 23.5

• Average student loan debt: $34,292
• Monthly payment: $396
• Median home price: $350,000
• Years to save for a 20% down payment: 26.7

• Average student loan debt: $37,254
• Monthly payment: $430
• Median home price: $170,810
• Years to save for a 20% down payment: 13.1

• Average student loan debt: $35,675
• Monthly payment: $412
• Median home price: $268,000
• Years to save for a 20% down payment: 20.5

• Average student loan debt: $33,858
• Monthly payment: $391
• Median home price: $544,400
• Years to save for a 20% down payment: 41.5

• Average student loan debt: $32,377
• Monthly payment: $374
• Median home price: $251,976
• Years to save for a 20% down payment: 19.2

• Average student loan debt: $34,589
• Monthly payment: $399
• Median home price: $441,950
• Years to save for a 20% down payment: 33.8

• Average student loan debt: $34,884
• Monthly payment: $403
• Median home price: $470,000
• Years to save for a 20% down payment: 35.9

• Average student loan debt: $37,201
• Monthly payment: $429
• Median home price: $515,000
• Years to save for a 20% down payment: 39.6

• Average student loan debt: $34,071
• Monthly payment: $393
• Median home price: $356,200
• Years to save for a 20% down payment: 27.2

• Average student loan debt: $38,690
• Monthly payment: $447
• Median home price: $415,000
• Years to save for a 20% down payment: 32.0

• Average student loan debt: $38,770
• Monthly payment: $448
• Median home price: $366,900
• Years to save for a 20% down payment: 28.3

• Average student loan debt: $29,647
• Monthly payment: $342
• Median home price: $252,455
• Years to save for a 20% down payment: 19.1

• Average student loan debt: $35,033
• Monthly payment: $404
• Median home price: $290,223
• Years to save for a 20% down payment: 22.2

• Average student loan debt: $32,103
• Monthly payment: $371
• Median home price: $200,364
• Years to save for a 20% down payment: 15.2

• Average student loan debt: $37,829
• Monthly payment: $437
• Median home price: $358,348
• Years to save for a 20% down payment: 27.6

• Average student loan debt: $36,267
• Monthly payment: $419
• Median home price: $295,000
• Years to save for a 20% down payment: 22.6

• Average student loan debt: $33,243
• Monthly payment: $384
• Median home price: $485,000
• Years to save for a 20% down payment: 36.9

• Average student loan debt: $38,695
• Monthly payment: $447
• Median home price: $340,000
• Years to save for a 20% down payment: 26.2

• Average student loan debt: $30,928
• Monthly payment: $357
• Median home price: $293,085
• Years to save for a 20% down payment: 22.2

• Average student loan debt: $36,974
• Monthly payment: $427
• Median home price: $365,000
• Years to save for a 20% down payment: 28.0

• Average student loan debt: $33,746
• Monthly payment: $390
• Median home price: $340,000
• Years to save for a 20% down payment: 25.9

• Average student loan debt: $33,470
• Monthly payment: $386
• Median home price: $510,000
• Years to save for a 20% down payment: 38.9

• Average student loan debt: $38,158
• Monthly payment: $440
• Median home price: $415,000
• Years to save for a 20% down payment: 32.0

• Average student loan debt: $40,137
• Monthly payment: $463
• Median home price: $419,200
• Years to save for a 20% down payment: 32.4

• Average student loan debt: $36,762
• Monthly payment: $424
• Median home price: $613,000
• Years to save for a 20% down payment: 47.1

• Average student loan debt: $32,358
• Monthly payment: $374
• Median home price: $155,333
• Years to save for a 20% down payment: 11.8

• Average student loan debt: $32,628
• Monthly payment: $377
• Median home price: $310,000
• Years to save for a 20% down payment: 23.6

• Average student loan debt: $31,022
• Monthly payment: $358
• Median home price: $333,745
• Years to save for a 20% down payment: 25.3

Editor’s note: Data was sourced from Zoocasa and is accurate as of Dec. 4, 2024.