TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/958155
TH E M R EP O RT | 11 MDWELL Source: Zillow, "It Takes 11 Years for a Single Homebuyer to Save for a Down Payment" Striking Out on Your Own It takes singles longer to purchase a home than couples, so knowing the most affordable markets for this demo is crucial to the buying process. E leven years—that's the time it would take for a single homebuy- er to purchase a home, according to an analysis by Zillow. On the other hand, a married couple can not only afford a house that is double the price but can also buy it in less than five years. The analysis combined home values and income data from the census to estimate how long it would take for both an individual and a couple to save for a 20 percent down payment on a median-priced home, assuming they saved 10 percent of their income every year. It found that less than half of all U.S. homes were affordable for the single homebuyer, who could afford a house up to $176,100, a price that's less than the national median home value. Boston, Massachusetts No. of years to save for a down payment: 17.6 Percent of Housing Stock Affordable: 10% Cleveland, Ohio No. of years to save for a down payment: 8 Percent of Housing Stock Affordable: 66% Detroit, Michigan No. of years to save for a down payment: 8 Percent of Housing Stock Affordable: 60% Indianapolis, Indiana No. of years to save for a down payment: 7.5 Percent of Housing Stock Affordable: 71% New York-Northern New Jersey No. of years to save for a down payment: 18.8 Percent of Housing Stock Affordable: 10% Pittsburg, Pennsylvania No. of years to save for a down payment: 8.1 Percent of Housing Stock Affordable: 63% St. Louis, Missouri No. of years to save for a down payment: 8.1 Percent of Housing Stock Affordable: 63% MOST AFFORDABLE CITIES FOR SINGLES LEAST AFFORDABLE CITIES FOR SINGLES San Francisco, California No. of years to save for a down payment: 27.8 Percent of Housing Stock Affordable: 2% San Diego, California No. of years to save for a down payment: 22.2 Percent of Housing Stock Affordable: 3% Los Angeles-Long Beach- Anaheim, California No. of years to save for a down payment: 26.8 Percent of Housing Stock Affordable: 2%