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Depending on where you live, saving for a down payment can take several years of financial planning. For example, in some markets, it may take the average person nearly a decade to save enough to buy a home. In California, that especially rings true.<\/p>\n
\nRead more<\/strong>: Ease Your Buyers’ Down Payment Woes<\/span><\/a><\/p>\n<\/blockquote>\n
California is home to four of the five cities on a recent list by SmartAsset of the places where it takes the longest to save for a down payment: San Francisco, Los Angeles, San Jose, and San Diego.<\/p>\n
SmartAsset scanned the data on median home prices and median household income in the 15 largest cities in the U.S. From there, researchers calculated how long it would take for a household to save enough for a 20 percent down payment if consumers saved 20 percent of their incomes. (Note: Buyers are not required to have 20 percent down for a mortgage<\/a>. It\u2019s often recommended, but buyers can take advantage of several other low-down payment loan offerings<\/a>.)<\/p>\n
Here\u2019s how many years buyers can expect to wait to save enough to afford a 20 percent down payment in these cities:<\/p>\n
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- San Francisco, Calif.: 9.84 years<\/li>\n
- Los Angeles, Calif.: 9.38<\/li>\n
- New York, N.Y.: 9.27<\/li>\n
- San Jose, Calif.: 7.20<\/li>\n
- San Diego, Calif.: 7.01<\/li>\n
- Chicago, Ill.: 4.59<\/li>\n
- Austin, Texas: 4.17<\/li>\n
- Philadelphia, Pa.: 3.80<\/li>\n
- Phoenix, Ariz.: 3.45<\/li>\n
- Dallas, Texas: 3.09<\/li>\n
- Jacksonville, Fla.: 2.92<\/li>\n
- Houston, Texas: 2.85<\/li>\n
- Columbus, Ohio: 2.83<\/li>\n
- Indianapolis, Ind.: 2.82<\/li>\n
- San Antonio, Texas: 2.50<\/li>\n<\/ol>\n
Source: \u201cYears of Work Needed to Afford a Down Payment in 15 Cities<\/a>,\u201d SmartAsset.com (Jan. 31, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n
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