California homebuyer’s goal: Save $18,200 annually for 5 years

Want to enter the world of California homeownership? Become a voracious saver.

My trusty spreadsheet had some fun with a curious study by Consumer Affairs that looked into a major challenge for first-time homebuyers: the down payment.

The report pondered how long it would take to save 10% of the median purchase price, a common goal for first-timers, assuming the wannabe owner saved 10% of income left over after paying taxes and life’s “essentials,” using the median household income.

Of course, the California “affordability” numbers were ugly.

For starters, the Golden State has the highest down-payment goal: $83,200 vs. a median of $38,750 across the 50 states. After California came Hawaii at $74,400, and Massachusetts at $63,900.

As for California’s big rivals, Texas ranked No. 31 a