Analysis: Bay Area first-time homebuyers would need to save for 9 years, 7 months for down payment

SAN FRANCISCO (KGO) -- A new analysis by realestate.com is giving us a time frame on how long a first-time homebuyer would need to save in order to put down a payment on a home. In the Bay Area, a buyer would need to save, on average, for nine years and 7 months.

That's the eighth longest period of time compared to other big U.S. cities.



RELATED: Buying a home may be unattainable for majority of Bay Area residents, study finds

If you were to buy a home in Chicago, you'd need to save for three years and three months, the shortest amount of time in the U.S.

Portland, Oregon homebuyers saw the longest amount of time to save - at 13 years and two months.

Matt Fuller is a director with the San Francisco Realtors Association. Watch the video above for his insight on these numbers.

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