It now takes 7 years for the average household to save for a down payment

It now takes 7 years for the average household to save for a down payment

Saving for a home has become a marathon, not a sprint, as prospective buyers now need an average of seven years to accumulate enough money for a typical down payment, according to new analysis from Realtor.com.That seven years represents a drastic improvement from the recent peak of 12 years back in 2022 when home prices surged and savings rates plummeted. However, that seven years is roughly double the pre-pandemic norm."Saving for seven years …

Average Hartford Homebuyer Needs 12 Years of Savings to Afford Down Payment

The average homebuyer in Greater Hartford will need to save for over a decade to afford a down payment, according to a new analysis from Realtor.com.

Average Boston Homebuyer Needs 20 Years to Save for Down Payment

The average homebuyer in Boston will need to save for two decades to afford a down payment, according to a new analysis from Realtor.com.