Saving for a house in Miami takes over a decade
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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.