Here’s how long it takes to save for a South Carolina home

A new report from a private company specializing in consumer reviews shows South Carolina residents need 15 years to save for a 10% down payment for a median-priced home.

It is the 15th longest time period among all U.S. states, with Iowa having the shortest time, Consumer Affairs reported. Six of 10 states in the top 10 are in the Midwest.

The Tulsa, Oklahoma-based company based the study on what analysts call fractional savings, which involves saving a small percentage of the income that remains after covering essentials such as food, clothing, gas, housing, health care and the like.

If South Carolina residents were able to save every dollar of their remaining income, it would take two years to gather the down payment.

Here’s how they break it down:

• Median household income is $72,350 in South Carolina.
• The average federal, state, and FICA taxes is $17,231.
• Other costs — food, clothing, gas, housing, health care, transportation, and insurance — total about $30,200.
• That leaves roughly $24,919 in disposable income each year.
• With a median home price of $382,600, the 10% down payment comes to $38,260.
• If South Carolina residents saved $2,492 each year, which represents 10% of their disposable income, it would take 15 years to afford that down payment.

Dayna Edens, a Consumer Affairs spokesperson, said she’s going through the home buying process.

“I understand firsthand how hard it can be to save for the initial down payment ( … don’t even get me started on closing costs),” she said.

10 fastest-saving down payment states

The company found these states are in the top 10 for the quickest saving for a down payment:

1. Iowa – eight years and nine months due to relatively low cost of living and low home prices. The median home sale price in Iowa is $247,400 — the second lowest of all states.

2. Ohio – nine years 11 months, where the median household income, tax burden and the cost of living along with home prices are on the lower side, too. The median sale price is $261,700 — the fifth-lowest price tag in the country.

3. Texas – 10 years three months. “At nearly $340,000, median-priced homes in Texas are significantly more expensive than in top-ranked Iowa or Ohio, but they’re still cheaper than in most of the country,” Consumer Affairs said. The state has a lot of housing construction and discretionary income is higher.

4. Maryland — 10 years four months, the only East Coast state in the top 10. Tax burden is high but the cost of living is moderate and income high. “The typical Maryland household earns almost $103,000 a year. Essential expenses take up just 32% of that, the second-lowest share in the nation.” That leaves $43,000, more than any other state, Consumer Affairs said.

5. North Dakota — 10.5 years — “Interestingly, essential expenses in North Dakota are on the higher side. Households spend almost $34,000 each year on necessities, ranking in the top 20 states. In particular, high health care costs ($11,667, seventh highest) outweigh lower typical costs on groceries and gas,” Consumer Affairs said.

The median home sale price in North Dakota is under $300,000.

6. Kansas — 10 years seven months. Median priced home $292,600, low household expenses.

7. Oklahoma — 10 years, eight months, median price homes is just over $250,000, the third-lowest in the country. Median household income is among the lowest in the nation, at just over $66,000, but typical taxes and essential expenses are also among the cheapest in the U.S.

8. Illinois — 10 years, 9 months, higher expenses and tax burdens than in more than half the states, but in the top 20 states for median household income, at over $83,000.

9. Alaska — 10 years, 11 months, typical homes price $403,000, among the lowest expenditures on a few essentials, like gasoline, high cost for groceries and health care, but median household income of $96,000 a year.

10. Indiana — 11 years, median home price $276,000

10 slowest-saving down payment states

The 10 states where it takes the longest to save for a home

1. California

2. Montana

3. New York

4. Hawaii

5. Wyoming

6. Rhode Island

7. Massachusetts

8. Oregon

9. Maine

10. Colorado

First-time home buyers disappearing

The National Association of Realtors reported last month that the share of first-time home buyers dropped to a record low of 21% and the typical age of first-time buyers is now 40.

The 2025 Profile of Home Buyers and Sellers looked at transactions between July 2024 and June 2025.

“The historically low share of first-time buyers underscores the real-world consequences of a housing market starved for affordable inventory,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “The share of first-time buyers in the market has contracted by 50% since 2007 – right before the Great Recession. The implications for the housing market are staggering. Today’s first-time buyers are building less housing wealth and will likely have fewer moves over a lifetime as a result.”

For first-time buyers, sources for down payments are personal savings (59%), financial assets such as a 401(k), stocks, or cryptocurrency. Gifts or loans from family and friends are used by 22% of buyers, the association said.