6 Cities Where It Will Take the Average Household More Than 15 Years To Save for a Down Payment

Although home prices are finally declining, buying a home still remains unaffordable for many Americans. In many cities, the median household income has not kept up pace with the rise of home prices, making it extremely difficult to save up for a down payment and fit a monthly mortgage payment into a budget. In some cities, it would now take the average household more than 15 years to save up for a down payment.

Zillow has identified the number of years the average household would need to save for a down payment on a home in major cities across the U.S. by calculating how long it would take to save 10% down on a typical home by saving 5% of the median household income every month, or 20% down by saving 10% of the median income every month.

Here are the major cities where it would take the average household more than 15 years to save for a down payment.

• Median household income: $90,000
• Median home value: $885,600
• Years needed to save for down payment: 19.8

• Median household income: $152,000
• Median home value: $1,451,900
• Years needed to save for down payment: 19.1

• Median household income: $96,000
• Median home value: $859,400
• Years needed to save for down payment: 17.9

• Median household income: $99,000
• Median home value: $865,400
• Years needed to save for down payment: 17.5

• Median household income: $130,000
• Median home value: $1,126,400
• Years needed to save for down payment: 17.4

• Median household income: $100,000
• Median home value: $812,900
• Years needed to save for down payment: 16.2

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All data is sourced from Zillow and is accurate as of May 2, 2023.