Those Saving for a Down Payment can Afford a Home Nearly Three Years Sooner by Moving Back in with Mom or Dad
Zillow Group, Inc. - Class C Capital Stock (Z)
Last zillow group, inc. - class c capital stock earnings: 8/6 04:06 pm
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Source: PR Newswire
SAN FRANCISCO, Feb. 28, 2019 /PRNewswire/ -- Housing expenses add two years and 10 months to the time it takes a typical renter to save for a 20 percent down payment on the median U.S. home, according to a new HotPads® analysis.The median home value is $225,300i, meaning a 20 percent down payment is about $45,000. If a renter earning the median annual income saves 16.5 percent of their income after accounting for housing costs each month – the typical rate of savings for U.S. rentersii – they would have enough saved after eight years.A typical renter also spends about 34 percent of their income on housingiii. If a renter making the median income eliminated their housing expenses and increased their monthly savings proportionally, they would have enough saved for a 20 percent down payment on the median home after 5 years and 2 months – almost three years sooner than those who pay rent and save for a down payment simultaneously. Saving for a down payment can be a significant barrier to
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