Aug 4, 2023 - Real Estate

Saving up for a house in Virginia takes nearly a decade

Average years it takes a household to afford a mortgage down payment, by state
Image credit: Data: Zillow Economic Research; Map: Tory Lysik/Axios Visuals

It takes Virginians an average of 8.4 years to save up for a 10% down payment on the 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, Zillow economists say.

By the numbers: That timeline isn't just for pricey NoVa. In the Richmond metro area, the length of time grows to 8.5 years — one month longer than the state average.

  • The U.S. average is 8.9 years, with states like Iowa as low as 5.2 years 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.

  • First-timers are also waiting longer to buy. The median first-time buyer age jumped from 33 to 36 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.

The big picture: Saving enough for a down payment is the biggest barrier to entry, says Brandi Snowden, a director at the National Association of Realtors.

Be smart: Homebuyers aren't putting as much money down as they were at the height of the housing frenzy, Axios' Emily Peck reports.

avatar

Get more local stories in your inbox with Axios Richmond.

🌱

Support local journalism by becoming a member.

Learn more

More Richmond stories

No stories could be found

Richmondpostcard

Get a free daily digest of the most important news in your backyard with Axios Richmond.

🌱

Support local journalism by becoming a member.

Learn more