National
Average renter household needs 16 years to save for starter home down payment
Rising rents and costs have doubled the time to save for a home compared to 2019, NPR reports.
Photo: Martin Falbisoner / CC BY-SA 3.0, via Wikimedia Commons
A recent analysis reported by NPR News finds that the average renter household now requires 16 years to save enough for a down payment and closing costs on a starter home.
This duration is twice as long as it took in 2019, indicating a significant increase in the time needed to accumulate the necessary funds.
The analysis attributes this increase to rising rents and other costs that have taken up a larger portion of household budgets over recent years.
As a result, saving for a home has become more challenging for many renter households, potentially impacting homeownership rates in the future.
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