Quick Answer

Plan to save 10%–20% of your target price plus extra for closing costs and emergencies

A solid savings cushion makes homeownership sustainable. Most buyers should aim for a down payment of at least 10% of the purchase price, though programs exist for 3%–5% or even 0% down. In addition to your down payment, budget roughly 2%–5% of the home price for closing costs and set aside an emergency fund of three to six months’ living expenses. Nationwide data show hidden homeowner costs average about $21,400 per year and median monthly homeowner expenses were $2,035 in 2024【395809398660432†L138-L150】. In South Carolina, closing costs average 1.15% of the sale price but experts recommend saving 2%–5% to be safe【56530275440518†L342-L447】.