Saving for a house in Miami takes over a decade

It'll take Miamians an average of 13 years to save up for a 10% down payment on our area's typical home, Zillow data shows.

Why it matters: Affordability could be a "major driver of cross-country moves" as buyers seek a lifestyle within their means, per Zillow economists.

By the numbers: The U.S. average is 8.9 years, with states like Iowa as low as 5.2 and Hawaii as high as 18.4.

• The average in Florida is 11.8 years. That accounts for saving 5% of the median household income every month.

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 from 2021 to 2022.

Of note: The majority of Americans believe it's the worst time ever to buy a house.

The big picture: Saving enough for a down payment is the biggest barrier to entry, said Brandi Snowden, a director at NAR.

• Many would-be buyers are saddled with debt, including student loans, car loans and credit card debt.
• Homebuyers aren't putting as much money down as they were at the height of the housing frenzy, Axios' Emily Peck reports.