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Want to buy a house? Here's how long you'll have to save [MSN Money]

Comcast Corp (CMCSA)  More Company Research Source: MSN Money
Last comcast corp earnings: 10/25 06:30 am Check Earnings Report
US:NASDAQ Investor Relations: cmcsa.com/investors
PDF © Provided by CNBC If homeownership is your American dream, here is a wake-up call. It could take more than six years to save up for a down payment. High rents and high home prices have hit affordability where it hurts, lengthening the amount of time most potential buyers will need even to think about financing a home. For the average renter buying the median-priced home in America, it will take about six and a half years to save for a 20 percent mortgage down payment, according to analysis by HotPads, a rental listing company operated by Zillow Group. In some places it can take more than two or three decades to save that much, the analysis says. If the median U.S. home value, according to HotPads, is $216,000, then 20 percent is $43,200. If a renter making the median income were to save 20 percent of that income each month, it would take 77 months to get that down payment. Load Error “The current generation of first-time buyers is dealing with unprecedented le [Read more]

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