Considering the median household income and median home price, prospective house buyers in the 15 most expensive cities in the United States in 2020 would need between six and ten year for a 20 percent mortgage down payment if they save one fifth of their monthly income. If they save eight percent of their income, then home buyers in Los Angeles, CA, would need roughly 25 years.
Number of years needed to save for a 20 percent down payment in most expensive cities in the United States in 2020
Characteristic
20% of income
8% of income
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Point2 Homes. (November 23, 2020). Number of years needed to save for a 20 percent down payment in most expensive cities in the United States in 2020 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1020764/years-needed-to-save-down-payment-cities-usa/
Point2 Homes. "Number of years needed to save for a 20 percent down payment in most expensive cities in the United States in 2020." Chart. November 23, 2020. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1020764/years-needed-to-save-down-payment-cities-usa/
Point2 Homes. (2020). Number of years needed to save for a 20 percent down payment in most expensive cities in the United States in 2020. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1020764/years-needed-to-save-down-payment-cities-usa/
Point2 Homes. "Number of Years Needed to save for a 20 Percent down Payment in Most Expensive Cities in The United States in 2020." Statista, Statista Inc., 23 Nov 2020, https://www.statista.com/statistics/1020764/years-needed-to-save-down-payment-cities-usa/
Point2 Homes, Number of years needed to save for a 20 percent down payment in most expensive cities in the United States in 2020 Statista, https://www.statista.com/statistics/1020764/years-needed-to-save-down-payment-cities-usa/ (last visited July 22, 2024)
Number of years needed to save for a 20 percent down payment in most expensive cities in the United States in 2020 [Graph], Point2 Homes, November 23, 2020. [Online]. Available: https://www.statista.com/statistics/1020764/years-needed-to-save-down-payment-cities-usa/