It takes 15 years for singles to save for a starter home in Richmond
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Here's another terrifying way to look at Richmond's housing market: It takes single people here 15 years to save up for a starter-home down payment, per a recent Point2 study.
Why it matters: That's six times longer than the 2.6 years it takes couples.
- And it's nearly double the U.S. average.
Zoom in: The median income for Richmond singles is $39,115, compared to $87,348 for couples, per Point2 data.
- The study assumes people are saving 20% of their income for a down payment.
- This calculation assumes a 6.6% mortgage rate. Current mortgage rates are hovering around 7%.
The fine print: Point2 estimates Richmond's median starter home price to be $225,286, based on the median price of the cheaper third of listings in the region.
- Yes, but: Local singles making the median income could only afford a mortgage of around $107,609, per Point2.
Fun fact: A separate study by Point2 found Richmond to be one of the hardest cities in the country for Gen Zers to buy a house.
The big picture: It takes single people four times longer than couples to save for a starter home in the U.S., per Point2. In some cases, like in California, it would take people an entire lifetime to save for a house.
Between the lines: The timeline for comfortably buying a house largely depends on where you live.
- On the West Coast, singles need decades longer to save for a starter home.
- In the Midwest, being partnered doesn't give you a huge leg up.