Number of Years to Save for Home Doubles Since 2019
News related to:Center for Responsible Lending · 1 min read
WASHINGTON, Oct. 22, 2026 /CourierPR/ -- The number of years families need to save to buy a home has more than doubled since 2019, according to a new report from the Julian Bond Institute at the Center for Responsible Lending (CRL). The analysis, titled "Homeownership Further Out of Reach," highlights a significant increase in the time required to save for a down payment and closing costs.
For a family earning the median income among renters, which is around $58,000, the time needed to save for a home purchase has increased from 8 years to 16 years. The typical Black family seeking homeownership now needs 21 years to save enough for upfront costs, a 10-year increase since 2019. A middle-income family faces a similar challenge, now needing 12 years to save, double the time required in 2019.
Frontline workers, including firefighters, police officers, teachers, paramedics, and others, are also struggling. The time needed for these workers to save has at least doubled since 2019 and now ranges from 10 to 13 years. In the 10 most populous metropolitan areas, a family would need at least 11 years to save, a sharp increase since 2019. The order from most to fewest years is as follows: Los Angeles, New York City, Miami, DC, Chicago, Philadelphia, Phoenix, Atlanta, Dallas, and Houston.
The report further notes that the growth in housing prices has outpaced household wages in rural areas as much as in urban areas, exacerbating the affordability crisis. Mike Calhoun, president of CRL and a co-author of the report, emphasized the urgent need for policymakers to expand down payment assistance programs, particularly for first-generation homebuyers.
The report, authored by CRL Senior Researcher Dr. Liz Laderman, CRL Senior Fellow David Silberman, and Mike Calhoun, provides a comprehensive analysis of the challenges faced by first-time homebuyers. It underscores the need for both supply-side measures to increase the availability of starter homes and demand-side policies to assist aspiring homeowners.