Study: It would take 20.5 years of saving to afford down payment for SJ home

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It takes longer to save for a down payment on a home in San Jose than any other city in the country, according to a new study. (Shutterstock photo)

According to a new study by Zillow, it takes an average of about 20.5 years to save for a down payment on a median priced home in San Jose.

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

Buyers these days need 7.2 years on average to save a 20 percent down payment on a median valued home - that's up from 5.7 years in 1988 when the median household income was $28,100.

Although the median household income is highest in San Jose ($118,061), it would take an additional 13.3 years of saving to come up with a 20 percent down payment for the median home, worth $1,287,600.

It's not much easier in Los Angeles, San Francisco and San Diego, which require an additional 9.5, 8.5 and 7.3 years compared to three decades ago.

RELATED: $117,000 a year considered 'low income' in some Bay Area counties, new report finds

To read the full study, visit this page.
Related Topics:
realestatehousing markethousingbay areastudyhomeownerspersonal financesavingssave moneyabc7 originalsSan Jose
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