How long does it take to save money to buy a home in cities like NYC, LA

If you are about to save for a down payment, here are some other tips to get started:

• Reduce your expenses. Discover these eight things you may want to give up if you are saving to buy a home.
• FHA Research Loans. First-time homebuyers can take advantage of government-insured FHA loans, with a down payment of at least 3.5%. However, they require mortgage insurance payments.
• See if your state offers tax breaks. Depending on where you live, you may be able to open an advantageous savings account for first time buyers to speed up your savings. Colorado, Iowa, Minnesota, Mississippi, Montana and Oregon are currently offering them in one form or another.

All of these options are not available to everyone, so you will need to do your homework to see if you qualify. But they can be a good starting point.

Finally, as Andrew Westlin, Certified Betterment Financial Planner, says at CNBC Make It, you may need to re-evaluate your priorities to make saving a priority. There is only so much money to spend.

"I do not like telling people to postpone their retirement because the more you save and the sooner you can save, the better you will go," said Westlin. "But when you face a goal such as retirement … as opposed to short-term goals, like buying a house and paying off your debts, sometimes you have to make tough choices and determine what your priority is."

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