Summary
Saving for a down payment on a home has become increasingly difficult, with first-time buyers in some U.S. cities needing decades to reach their goal. A Rocket Mortgage analysis found that buyers would need about 65 years in New York and 57 years in San Francisco by saving 5% of their annual income. Thirteen major metro areas require at least 20 years of savings, while cities such as Detroit and Fort Worth remain far more affordable. Experts encourage buyers to explore down payment assistance programs, consider lower-cost markets, and begin saving early, as local home prices, incomes, and financing options significantly affect affordability and timelines.
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