Saving up for a house in Virginia takes nearly a decade
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It takes Virginians an average of 8.4 years to save up for a 10% down payment on the typical home, Zillow data shows.
- That accounts for saving 5% a month of Virginians' $81,000 median household income.
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.
- Many would-be buyers are saddled with debt, including student loans, car loans and credit card debt.
Be smart: Homebuyers aren't putting as much money down as they were at the height of the housing frenzy, Axios' Emily Peck reports.