Where Renters Are Saving for Down Payments Fastest
January 14, 2022
In the Midwest, renters are the most likely to be able to save for a down payment and buy their first home in less than three years.
RentCafe, a nationwide service for renters, analyzed 174 metro areas to see where an average two-person family can save for a starter home with a 20% down payment in less than 10 years. A 20% down payment is not necessary to purchase a home, but researchers used that as a standard for their study.
In the 20 top metros on the list, it would take three years or less to achieve homeownership, researchers found.
Small- to mid-sized metros in the Midwest tended to be the best for first-time home buyers, researchers found.
Updated: August 16, 2022