Jul 10, 2023 - Real Estate

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

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

It takes San Antonians 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.

Zoom in: In the San Antonio metro area, the average monthly payment burden for new homeowners who put 10% down is 35.7% of their income, per Zillow. This includes mortgage payments, property taxes and homeowners insurance.

Zoom out: The average number of years of saving for a down payment in the U.S. is 8.9 years. In Iowa it is as low as 5.2 years; in Hawaii it is 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 age of a first-time buyer jumped from 33 in 2021 to 36 to 2022.

Of note: A 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, director of member and consumer survey research at the National Association of Realtors.

avatar

Get more local stories in your inbox with Axios San Antonio.

🌱

Support local journalism by becoming a member.

Learn more

More San Antonio stories

No stories could be found

San Antoniopostcard

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

🌱

Support local journalism by becoming a member.

Learn more