Skip to main content

Report: 14 Years Needed to Save for a Downpayment

Phil Hall
Jun 11, 2019
Photo credit: Getty Images/ConstantinosZ

Homebuyers earning the median income who are trying to accumulate funds for a downpayment will need to set aside 14 years in order to reach the 20 percent threshold on a median priced home, according to the 2019 Home Affordability Report published by Unison.
 
Within the nation’s eight least affordable cities, the saving period will take 30 years or more: Boston (30 years), San Jose and San Diego (31), Miami and Manhattan (36), Honolulu and San Francisco (40) and Los Angeles (43). On the flip side, the time needed to save for a downpayment is much lower in Louisville, Indianapolis, Kansas City, Columbus (12 years each), Wichita (11 years) and Detroit (seven years).
 
“The way things are going, an entire generation of Americans may be approaching retirement before they can securely own a home or be forced to take on more risk than they can reasonably afford in order to realize their dream of homeownership,” said Unison CEO Thomas Sponholtz. “This is a societal and economic problem that impacts all income levels and can only be addressed through massive infrastructure investments and rapid adoption of smarter and safer non-debt-based finance and homeownership solutions.”

 
Published
Jun 11, 2019
Federal Regulators Race To Address Cryptocurrency Risks

Cryptocurrency is quickly morphing into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks to consumers and the market. 

Industry News
Sep 24, 2021
MBA Initiative Seeks To Close Racial Homeownership Gap

Says its advocacy, partnerships & connections will help increase opportunities for minority borrowers

Industry News
Sep 24, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021