Here's how long it takes to save for a down payment in Utah

It'll take Utahns 10.7 years to save for a 10% down payment on the typical home, Zillow data shows.

• That accounts for saving 5% of the median household income every month, Axios' Sami Sparber reports.

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: In the Salt Lake City metro, the length of time needed to save for a down payment grows to 12.4 years.

• The U.S. average is 8.9 years, with states such as 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 pandemic-era housing frenzy, Axios' Emily Peck reports.