Iowa is one of the cheapest states for home down payments
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It'll take Iowans an average of a little over five years to save up for a 10% down payment on a typical home in our state, Zillow data shows.
- That accounts for saving 5% of the median household income every month.
Why it matters: Affordability could be a "major driver of cross-country moves," as buyers seek a lifestyle within their means, Zillow economists say.
By the numbers: In the DSM metro, the length of time grows to 6.8 years.
Yes, but: The U.S. average is 8.9 years, with Iowa on the low end and Hawaii as high as 18.4.
Between the lines: The share of first-time buyers in the U.S. has shrunk to a record low as inventory and affordability issues persist, according to the National Association of Realtors (NAR).
- First-timers are also waiting longer to buy — the median first-time buyer age jumped from 33 to 36 nationally from 2021 to 2022, the latest data shows.
Of note: The majority of Americans believe it's the worst time ever to buy a house.
Zoom in: Even so, the majority of millennials in Des Moines own rather than rent — about 73%.
- Des Moines bucks some national trends because of its home affordability, Gina Swanson, a realtor for Century 21 Signature Real Estate, previously told Axios.
The big picture: Saving enough for a down payment is the biggest barrier to entry, says Brandi Snowden, a NAR director.
- Many would-be-buyers are saddled with debt, including student loans, car loans and credit card debt.