Mass Home Buyers Need 10.5 Years to Save for a Down Payment

 

house_piggybank-263251

This week Zillow released a report showing that home prices have increased by 159.7 percent since 1998.

The report also shows that the average home buyer in the Boston metro area must save for 10.5 years in order to make a down payment.

That’s 3.3 years longer than the national average of 7.2 years.

The report is covered at length in an article published by Boston Globe’s Real Estate Blog.

The chart below is taken from that website:

Metropolitan Area Years to Save, Q2 1998  Years to Save, Q2 2018 Income Change, 1998-2018 Home Value Change, 1998-2018
United States 5.5 7.2 52.6% 98.6%
New York City 7.2 11.4 57.4% 147.9%
Los Angeles-Long Beach-Anaheim, Calif. 8.7 18.4 62.5% 244.5%
Chicago 5.7 6.4 43.4% 60.8%
Dallas-Fort Worth 5.4 6.8 50.4% 90.2%
Philadelphia 4.8 6.6 50.0% 104.8%
Houston, 5.3 6.2 53.5% 78%
Washington, D.C. 5.4 7.9 72.9% 152.7%
Miami-Fort Lauderdale 5.3 10.1 43.3% 172.4%
Atlanta 4.9 6.2 36.4% 71.5%
Boston 7 10.5 72.8% 159.7%
San Francisco 10 18.3 92.8% 252.9%
Detroit 4.9 5.3 25.2% 34.0%
Riverside, Calif. 6.4 11.5 56.9% 182.5%
Phoenix 5.8 8.2 48.8% 111.7%
Seattle 7.4 11.7 76.2% 177.3%
Minneapolis-St Paul 4.7 6.8 52.6% 121.6%
San Diego 8.6 15.4 76.9% 217.4%
St. Louis 4.5 5.1 47.8% 69.5%
Tampa 4.6 7.6 53.3% 156.1%
Baltimore 5.2 6.5 72.5% 114.2%
Denver 6.4 10.3 63.7% 165.3%
Pittsburgh 3.8 4.8 66.7% 111.8%
Portland, Ore. 7 10.6 66.1% 152.3%
Charlotte, N.C. 5 6.2 48% 83.8%
Sacramento 6.9 11.7 60.4% 174.6%
San Antonio 5.4 6.3 61.3% 87.4%
Orlando 5.1 8.2 40% 128%
Cincinnati 4.9 5.1 49.7% 54.6%
Cleveland 5.5 5.2 34.3% 26.8%
Kansas City, Mo. 4.7 5.6 47.7% 76.6%
Las Vegas 6.2 9.2 35.8% 100.8%
Columbus, Ohio 5.3 5.8 50.9% 65.3%
Indianapolis 5.5 5.1 37.6% 28.5%
San Jose, Calif. 10.6 21.8 93.3% 295.9%
Austin, Texas 7 7.9 70.5% 90.9%

 

 

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s