The right job in the right place can do wonders in a person’s quest to save for a down payment and make a solid path toward homeownership, according to a new study by PropertyShark, a real estate website.
PropertyShark researchers looked at several job professions to see how well they pay in each city in the U.S. and then ranked the cities for best prospects of homeownership based on occupation. They factored in metrics like the median income of each occupation, rent and housing costs, and the cost of living. They then calculated the number of months needed to save for a 20 percent down payment in each city.
Some highlights from their findings included:
- Law enforcement: Those working in law enforcement or in the legal industry may fare the best in Dayton, Ohio. It will take them less than 5 months to put aside enough money for a down payment.
- Architects and engineers: Syracuse, N.Y., emerged as the top place to live for architects and engineers. They can save up for a down payment in just 7 months.
- Health care: Those working in the health care industry will find Buffalo, N.Y., the most conducive to homeownership. It will take, on average, 10 months for those in the health care professions to save enough to afford a down payment.
- Computer and mathematical jobs: Detroit is the most affordable choice for those in the computer and mathematical occupations. It would take 11 months to save enough for an average down payment to buy a home.
Source: “What Are the Best Cities to Buy a Home in Based on Your Occupation?” PropertyShark (Jan. 29, 2019)
