Saving to buy a house? Here’s where you should park your down payment money.

Saving for a home down payment can be daunting, with the average price of homes at $501,700 and median down payments at $64,000. To effectively save, consider options like high-yield savings accounts for flexibility and competitive interest rates, certificates of deposit for fixed rates, money market accounts for combined saving and spending, first-time home buyer savings accounts for tax benefits, and individual development accounts for low-income buyers. Each option has its pros and cons, so evaluate based on your financial goals.