The Long Road to Saving for a Home


Posted On Aug 15 2019 by

first_img in Daily Dose, Data, Featured, News The Long Road to Saving for a Home According to a report by Private Mortgage Insurance, it takes an average of 20 years to save the necessary 20% to purchase a home, with California leading the nation at 40 years.Hawaii followed at 35 years, which is an increase of one year from last year, and it takes 33 years to save 20% in the District of Columbia. Iowa, Kentucky, and Pennsylvania all report that it takes 12 years to save 20%—the shortest wait time in the nation.Private Mortgage Insurance states these calculations are based on median sales price or median listing price for single-family homes in 2018, unless otherwise indicated.The report states that it would take a firefighter, making an average salary of $49,620, about 26 years to save 20%. Middle school teachers making $58,600 take roughly 22 years and nurses making $71,730 take 18 years. Veterinarians making $93,830 have to wait just 14 years to save 20%.African-American buyers have the longest wait time, averaging 32 years to save 20%. It takes Hispanic approximately 25 years to save 20% and 20 years for caucassians. Asians have the shortest wait time at 16 years.The National Association of Home Builders (NAHB) announced last month that while 53% of buyers are actively seeking a home in Q1 2019, 46% of those searching state they are having issues finding an affordable home.The NAHB also reported that not being able to find a home in their desired neighborhood was a barrier for 40% of potential buyers, and 38% said they couldn’t find a home with features they want.According to the report, the share of buyers who consider high prices the biggest hurdle fell 5 points when compared to 2018. The amount of people who couldn’t find a home in the proper neighborhood fell 2 points and there was no change for people who couldn’t find home with features they want. June 10, 2019 488 Views center_img Down Payment home ownership 2019-06-10 Mike Albanese Sharelast_img

Last Updated on: August 15th, 2019 at 7:27 am, by


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