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.
Learn More: If Interest Rates Are Going Down, What Will Mortgage Rates Look Like in 2025?
Check Out: How To Start Investing In Real Estate – Even If You’re Not Rich
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.
Alabama
- Average student loan debt: $38,709
- Monthly payment: $447
- Median home price: $220,196
- Years to save for a 20% down payment: 16.9
Discover More: 25 Places To Buy a Home If You Want It To Gain Value
Explore More: 20 Best Cities Where You Can Buy a House for Under $100K
Alaska
- Average student loan debt: $35,821
- Monthly payment: $414
- Median home price: $436,407
- Years to save for a 20% down payment: 33.4
Find Out: 3 Best Florida Cities To Buy Property in the Next 5 Years, According To Real Estate Agents
Arizona
- Average student loan debt: $35,675
- Monthly payment: $412
- Median home price: $439,000
- Years to save for a 20% down payment: 33.6
Arkansas
- Average student loan debt: $33,945
- Monthly payment: $392
- Median home price: $39,706
- Years to save for a 20% down payment: 15.1
California
- Average student loan debt: $38,168
- Monthly payment: $441
- Median home price: $888,740
- Years to save for a 20% down payment: 68.5
Colorado
- Average student loan debt: $37,392
- Monthly payment: $432
- Median home price: $583,000
- Years to save for a 20% down payment: 44.8
Connecticut
- Average student loan debt: $36,672
- Monthly payment: $423
- Median home price: $409,905
- Years to save for a 20% down payment: 31.5
Check Out: 5 Housing Markets That Will Plummet in Value Before the End of 2025
Delaware
- Average student loan debt: $38,404
- Monthly payment: $443
- Median home price: $401,316
- Years to save for a 20% down payment: 30.9
Florida
- Average student loan debt: $39,262
- Monthly payment: $453
- Median home price: $415,000
- Years to save for a 20% down payment: 32.1
Georgia
- Average student loan debt: $42,026
- Monthly payment: $485
- Median home price: $369,990
- Years to save for a 20% down payment: 28.8
Hawaii
- 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
Read More: I’m a Real Estate Agent — These 5 Florida Cities Are Becoming Unaffordable
Idaho
- Average student loan debt: $33,119
- Monthly payment: $382
- Median home price: $443,630
- Years to save for a 20% down payment: 33.8
Illinois
- Average student loan debt: $39,055
- Monthly payment: $451
- Median home price: $285,000
- Years to save for a 20% down payment: 22
Indiana
- Average student loan debt: $33,270
- Monthly payment: $384
- Median home price: $258,000
- Years to save for a 20% down payment: 19.6
Iowa
- Average student loan debt: $30,925
- Monthly payment: $357
- Median home price: $235,000
- Years to save for a 20% down payment: 17.8
Kansas
- Average student loan debt: $33,281
- Monthly payment: $384
- Median home price: $319,067
- Years to save for a 20% down payment: 24.3
Read Next: After Trump’s Win, 1 in 5 Republicans Are More Likely To Purchase a Home in 2025
Kentucky
- Average student loan debt: $33,581
- Monthly payment: $388
- Median home price: $265,000
- Years to save for a 20% down payment: 20.2
Louisiana
- Average student loan debt: $34,866
- Monthly payment: $402
- Median home price: $239,000
- Years to save for a 20% down payment: 18.3
Maine
- Average student loan debt: $34,280
- Monthly payment: $396
- Median home price: $400,000
- Years to save for a 20% down payment: 30.5
Maryland
- Average student loan debt: $43,692
- Monthly payment: $504
- Median home price: $425,000
- Years to save for a 20% down payment: 33.2
Massachusetts
- 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
Michigan
- Average student loan debt: $36,886
- Monthly payment: $426
- Median home price: $305,483
- Years to save for a 20% down payment: 23.5
Minnesota
- Average student loan debt: $34,292
- Monthly payment: $396
- Median home price: $350,000
- Years to save for a 20% down payment: 26.7
Mississippi
- Average student loan debt: $37,254
- Monthly payment: $430
- Median home price: $170,810
- Years to save for a 20% down payment: 13.1
Missouri
- Average student loan debt: $35,675
- Monthly payment: $412
- Median home price: $268,000
- Years to save for a 20% down payment: 20.5
Montana
- Average student loan debt: $33,858
- Monthly payment: $391
- Median home price: $544,400
- Years to save for a 20% down payment: 41.5
Also See: 10 Housing Markets Buyers Are Flocking To as Rates Drop
Nebraska
- Average student loan debt: $32,377
- Monthly payment: $374
- Median home price: $251,976
- Years to save for a 20% down payment: 19.2
Nevada
- Average student loan debt: $34,589
- Monthly payment: $399
- Median home price: $441,950
- Years to save for a 20% down payment: 33.8
New Hampshire
- Average student loan debt: $34,884
- Monthly payment: $403
- Median home price: $470,000
- Years to save for a 20% down payment: 35.9
New Jersey
- Average student loan debt: $37,201
- Monthly payment: $429
- Median home price: $515,000
- Years to save for a 20% down payment: 39.6
New Mexico
- Average student loan debt: $34,071
- Monthly payment: $393
- Median home price: $356,200
- Years to save for a 20% down payment: 27.2
Discover More: 5 Southern Cities Where You Can Buy a House for Under $100K
New York
- Average student loan debt: $38,690
- Monthly payment: $447
- Median home price: $415,000
- Years to save for a 20% down payment: 32.0
North Carolina
- Average student loan debt: $38,770
- Monthly payment: $448
- Median home price: $366,900
- Years to save for a 20% down payment: 28.3
North Dakota
- Average student loan debt: $29,647
- Monthly payment: $342
- Median home price: $252,455
- Years to save for a 20% down payment: 19.1
Ohio
- Average student loan debt: $35,033
- Monthly payment: $404
- Median home price: $290,223
- Years to save for a 20% down payment: 22.2
Oklahoma
- Average student loan debt: $32,103
- Monthly payment: $371
- Median home price: $200,364
- Years to save for a 20% down payment: 15.2
For You: 3 Best States to Buy Property in the Next 5 Years, According to Experts
Oregon
- Average student loan debt: $37,829
- Monthly payment: $437
- Median home price: $358,348
- Years to save for a 20% down payment: 27.6
Pennsylvania
- Average student loan debt: $36,267
- Monthly payment: $419
- Median home price: $295,000
- Years to save for a 20% down payment: 22.6
Rhode Island
- Average student loan debt: $33,243
- Monthly payment: $384
- Median home price: $485,000
- Years to save for a 20% down payment: 36.9
South Carolina
- Average student loan debt: $38,695
- Monthly payment: $447
- Median home price: $340,000
- Years to save for a 20% down payment: 26.2
South Dakota
- Average student loan debt: $30,928
- Monthly payment: $357
- Median home price: $293,085
- Years to save for a 20% down payment: 22.2
Check Out: I’m a Realtor — 5 Cities Retirees Are Moving To in 2025
Tennessee
- Average student loan debt: $36,974
- Monthly payment: $427
- Median home price: $365,000
- Years to save for a 20% down payment: 28.0
Texas
- Average student loan debt: $33,746
- Monthly payment: $390
- Median home price: $340,000
- Years to save for a 20% down payment: 25.9
Utah
- Average student loan debt: $33,470
- Monthly payment: $386
- Median home price: $510,000
- Years to save for a 20% down payment: 38.9
Vermont
- Average student loan debt: $38,158
- Monthly payment: $440
- Median home price: $415,000
- Years to save for a 20% down payment: 32.0
Virginia
- Average student loan debt: $40,137
- Monthly payment: $463
- Median home price: $419,200
- Years to save for a 20% down payment: 32.4
Find Out: 20 Best Cities Where You Can Buy a House for Under $100K
Washington
- Average student loan debt: $36,762
- Monthly payment: $424
- Median home price: $613,000
- Years to save for a 20% down payment: 47.1
West Virginia
- Average student loan debt: $32,358
- Monthly payment: $374
- Median home price: $155,333
- Years to save for a 20% down payment: 11.8
Wisconsin
- Average student loan debt: $32,628
- Monthly payment: $377
- Median home price: $310,000
- Years to save for a 20% down payment: 23.6
Wyoming
- 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.
More From GOBankingRates
- I'm a Financial Advisor: My Wealthiest Clients All Do These 3 Things
- 3 Things You Must Do When Your Savings Reach $50,000
- Meet Your Money Goals: The Best Banks of 2025
- 9 Things You Must Do To Grow Your Wealth in 2025
This article originally appeared on GOBankingRates.com: How Long It Would Take a Recent Graduate To Save for a Down Payment in Every State
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
