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.
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