How much you have to save per day to put a down payment on a house in 19 major US cities

Phoenix arizonaShutterstockThe median home price in Phoenix, Arizona is $US206,000.

If you’re looking to buy a home, it’s never too soon to start saving.

We looked at the median price of homes in 19 major metro areas from the National Association of Realtors, and calculated how much it would cost you to put a 20% down payment on a median-priced home (the preferred amount of money to pay upfront).

We then determined how much you would have to save each day over the course of five, ten, or 15 years to reach that goal.

It’s less than you might think.

Our calculations assume this money will go into a savings account with negligible interest. While investing your savings might make them grow faster, experts generally advise against investing money you’ll need in the near future. Bear in mind, also, that accumulating enough for a down payment doesn’t necessarily mean you can afford a house — aside from closing and moving costs, you should be prepared to pay a mortgage, taxes, and maintenance on a monthly basis.

Here’s how much you need to set aside each day to put a 20% down payment on a house in 19 major cities:

18. San Antonio

Brandon Seidel/Shutterstock
San Antonio, Texas River Walk.

Median Home Price: $US184,000

20% down payment: $US36,800

How much you'd need to save for a down payment:

5 years: $US20.20 / day

10 years: $US10.10 / day

15 years: $US6.70 / day

17. Orlando

Shutterstock
Orlando, Florida.

Median Home Price: $US186,000

20% down payment: $US37,200

How much you'd need to save for a down payment:

5 years: $US20.40 / day

10 years: $US10.20 / day

15 years: $US6.80 / day

16. Chicago

Shutterstock
Chicago, Illinois.

Median Home Price: $US192,500

20% down payment: $US38,500

How much you'd need to save for a down payment:

5 years: $US21.00 / day

10 years: $US10.50 / day

15 years: $US7.00 / day

15. Houston

Shutterstock
Houston, Texas.

Median Home Price: $US200,300

20% down payment: $US40,060

How much you'd need to save for a down payment:

5 years: $US22.00 / day

10 years: $US11.00 / day

15 years: $US7.30 / day

14. Phoenix

Shutterstock
Phoenix, Arizona.

Median Home Price: $US206,000

20% down payment: $US41,200

How much you'd need to save for a down payment:

5 years: $US22.60 / day

10 years: $US11.30 / day

15 years: $US7.50 / day

12. Baltimore

Shutterstock
Baltimore, Maryland.

Median Home Price: $US223,100

20% down payment: $US44,620

How much you'd need to save for a down payment:

5 years: $US24.40 / day

10 years: $US12.20 / day

15 years: $US8.10 / day

11. Miami

Shutterstock
Miami, Florida.

Median Home Price: $US269,100

20% down payment: $US53,820

How much you'd need to save for a down payment:

5 years: $US29.50 / day

10 years: $US14.75 / day

15 years: $US9.80 / day

10. Sacramento

Shutterstock
Sacramento, California Capitol.

Median Home Price: $US275,800

20% down payment: $US55,160

How much you'd need to save for a down payment:

5 years: $US30.20 / day

10 years: $US15.10 / day

15 years: $US10.10 / day

9. Portland

Portland, Oregon.

Median Home Price: $US289,400

20% down payment: $US57,880

How much you'd need to save for a down payment:

5 years: $US31.70 / day

10 years: $US15.85 / day

15 years: $US10.60 / day

8. Denver

Shutterstock / welcomia
Denver, Colorado.

Median Home Price: $US338,100

20% down payment: $US67,620

How much you'd need to save for a down payment:

5 years: $US37.10 / day

10 years: $US18.55 / day

15 years: $US12.40 / day

3. Los Angeles

Shutterstock
Los Angeles, California.

Median Home Price: $US434,700

20% down payment: $US86,940

How much you'd need to save for a down payment:

5 years: $US47.60 / day

10 years: $US23.80 / day

15 years: $US15.90 / day

1. San Francisco

Shutterstock.com

Median Home Price: $US748,300

20% down payment: $US149,660

How much you'd need to save for a down payment:

5 years: $US82.00 / day

10 years: $US41.00 / day

15 years: $US27.30 / day

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.