How Long It Will Take To Save For a Down Payment in 50 US Cities
Saving up for a down payment can be a financial hurdle for prospective homebuyers, particularly in large cities where home prices are far outpacing wages. Even in the most affordable cities, it would take a median-earning household nearly five years to save for a down payment on a median single-family home.
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To find out how long it would take to save for a down payment in 50 major U.S. cities, Zoocasa calculated what a 15% down payment would be for a median-priced single-family home. Next, it calculated how long it would take a household earning the median income to save for this down payment, assuming they are saving 10% of their annual income.
Here’s a look at how long it would take to save for a down payment in cities across the U.S., ranked from shortest to longest amount of time.
Buffalo, New York
Median single-family home price: $220,000
15% down payment: $33,000
Median household income: $68,014
Years it would take to save for a down payment: 4.9 years
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Pittsburgh
Median single-family home price: $210,200
15% down payment: $31,530
Median household income: $60,187
Years it would take to save for a down payment: 5.2 years
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Wichita, Kansas
Median single-family home price: $210,600
15% down payment: $31,590
Median household income: $60,712
Years it would take to save for a down payment: 5.2 years
Virginia Beach, Virginia
Median single-family home price: $335,000
15% down payment: $50,250
Median household income: $87,544
Years it would take to save for a down payment: 5.7 years
Oklahoma City
Median single-family home price: $250,000
15% down payment: $37,500
Median household income: $64,251
Years it would take to save for a down payment: 5.8 years
Omaha, Nebraska
Median single-family home price: $282,300
15% down payment: $42,345
Median household income: $70,202
Years it would take to save for a down payment: 6.0 years
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Kansas City, Missouri
Median single-family home price: $270,000
15% down payment: $40,500
Median household income: $65,256
Years it would take to save for a down payment: 6.2 years
Louisville, Kentucky
Median single-family home price: $266,000
15% down payment: $39,900
Median household income: $63,114
Years it would take to save for a down payment: 6.3 years
Memphis, Tennessee
Median single-family home price: $205,000
15% down payment: $30,750
Median household income: $48,090
Years it would take to save for a down payment: 6.4 years
Milwaukee
Median single-family home price: $257,299
15% down payment: $38,595
Median household income: $59,319
Years it would take to save for a down payment: 6.5 years
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Philadelphia
Median single-family home price: $250,000
15% down payment: $37,500
Median household income: $57,537
Years it would take to save for a down payment: 6.5 years
Baltimore
Median single-family home price: $405,000
15% down payment: $60,750
Median household income: $88,157
Years it would take to save for a down payment: 6.9 years
Chicago
Median single-family home price: $339,900
15% down payment: $50,985
Median household income: $71,673
Years it would take to save for a down payment: 7.1 years
Minneapolis
Median single-family home price: $366,000
15% down payment: $54,900
Median household income: $76,332
Years it would take to save for a down payment: 7.2 years
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Columbus, Ohio
Median single-family home price: $310,000
15% down payment: $46,500
Median household income: $62,994
Years it would take to save for a down payment: 7.4 years
Charleston, South Carolina
Median single-family home price: $413,566
15% down payment: $62,035
Median household income: $83,891
Years it would take to save for a down payment: 7.4 years
Indianapolis
Median single-family home price: $296,000
15% down payment: $44,400
Median household income: $59,110
Years it would take to save for a down payment: 7.5 years
St. Louis
Median single-family home price: $268,800
15% down payment: $40,320
Median household income: $52,941
Years it would take to save for a down payment: 7.6 years
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Cleveland
Median single-family home price: $190,700
15% down payment: $28,605
Median household income: $37,271
Years it would take to save for a down payment: 7.7 years
Austin, Texas
Median single-family home price: $450,000
15% down payment: $67,500
Median household income: $86,556
Years it would take to save for a down payment: 7.8 years
Charlotte, North Carolina
Median single-family home price: $385,000
15% down payment: $57,750
Median household income: $74,070
Years it would take to save for a down payment: 7.8 years
San Antonio
Median single-family home price: $310,223
15% down payment: $46,533
Median household income: $59,593
Years it would take to save for a down payment: 7.8 years
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Atlanta
Median single-family home price: $410,000
15% down payment: $61,500
Median household income: $77,655
Years it would take to save for a down payment: 7.9 years
New Orleans
Median single-family home price: $280,000
15% down payment: $42,000
Median household income: $51,116
Years it would take to save for a down payment: 8.2 years
Houston
Median single-family home price: $330,000
15% down payment: $49,500
Median household income: $60,440
Years it would take to save for a down payment: 8.2 years
Seattle
Median single-family home price: $633,717
15% down payment: $95,058
Median household income: $116,068
Years it would take to save for a down payment: 8.2 years
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Albuquerque, New Mexico
Median single-family home price: $351,000
15% down payment: $52,650
Median household income: $61,503
Years it would take to save for a down payment: 8.6 years
Tampa, Florida
Median single-family home price: $410,000
15% down payment: $61,500
Median household income: $66,802
Years it would take to save for a down payment: 9.2 years
Portland, Oregon
Median single-family home price: $535,000
15% down payment: $80,250
Median household income: $85,876
Years it would take to save for a down payment: 9.3 years
Jacksonville, Florida
Median single-family home price: $396,688
15% down payment: $59,503
Median household income: $64,138
Years it would take to save for a down payment: 9.3 years
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Dallas
Median single-family home price: $395,000
15% down payment: $59,250
Median household income: $63,985
Years it would take to save for a down payment: 9.3 years
Washington
Median single-family home price: $640,000
15% down payment: $96,000
Median household income: $101,722
Years it would take to save for a down payment: 9.4 years
Detroit
Median single-family home price: $241,500
15% down payment: $36,225
Median household income: $37,761
Years it would take to save for a down payment: 9.6 years
Richmond, Virginia
Median single-family home price: $406,495
15% down payment: $60,974
Median household income: $62,708
Years it would take to save for a down payment: 9.7 years
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Orlando, Florida
Median single-family home price: $444,000
15% down payment: $66,600
Median household income: $66,292
Years it would take to save for a down payment: 10 years
Phoenix
Median single-family home price: $479,000
15% down payment: $71,850
Median household income: $72,092
Years it would take to save for a down payment: 10 years
Nashville, Tennessee
Median single-family home price: $493,220
15% down payment: $73,983
Median household income: $71,328
Years it would take to save for a down payment: 10.4 years
Portland, Maine
Median single-family home price: $497,400
15% down payment: $74,610
Median household income: $71,498
Years it would take to save for a down payment: 10.4 years
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Sacramento, California
Median single-family home price: $550,000
15% down payment: $82,500
Median household income: $78,954
Years it would take to save for a down payment: 10.4 years
Tucson, Arizona
Median single-family home price: $364,900
15% down payment: $54,735
Median household income: $52,049
Years it would take to save for a down payment: 10.5 years
Birmingham, Alabama
Median single-family home price: $301,900
15% down payment: $45,285
Median household income: $42,464
Years it would take to save for a down payment: 10.7 years
Burlington, Vermont
Median single-family home price: $468,900
15% down payment: $70,335
Median household income: $64,931
Years it would take to save for a down payment: 10.8 years
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Denver
Median single-family home price: $624,723
15% down payment: $93,708
Median household income: $85,853
Years it would take to save for a down payment: 10.9 years
Salt Lake City
Median single-family home price: $525,950
15% down payment: $78,893
Median household income: $72,357
Years it would take to save for a down payment: 10.9 years
New York
Median single-family home price: $659,200
15% down payment: $98,880
Median household income: $76,607
Years it would take to save for a down payment: 12.9 years
Los Angeles
Median single-family home price: $801,000
15% down payment: $120,150
Median household income: $83,411
Years it would take to save for a down payment: 14.4 years
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Miami
Median single-family home price: $630,000
15% down payment: $94,500
Median household income: $64,215
Years it would take to save for a down payment: 14.7 years
Boston
Median single-family home price: $900,500
15% down payment: $135,075
Median household income: $89,212
Years it would take to save for a down payment: 15.1 years
San Francisco
Median single-family home price: $1,386,500
15% down payment: $207,975
Median household income: $136,689
Years it would take to save for a down payment: 15.2 years
San Diego
Median single-family home price: $1,020,000
15% down payment: $153,000
Median household income: $98,657
Years it would take to save for a down payment: 15.5 years
Data is sourced from Zoocasa and is accurate as of April 25, 2024.
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