| A single person earning the Boston-area median salary of $45,200 would have to save for 17.6 years to have enough money for a 20 percent down payment on a home at the upper end of the affordable range. For couples, it would take 6.8 years, according to a new Zillow analysis.
A typical single homebuyer in the U.S. would need to save for nearly 11 years to have enough money for a 20 percent down payment on a home, according to Zillow. For couples, it would take less than five years.
Zillow’s analysis combined home values and income data from the U.S. Census to estimate how long it would take for both an individual and couple to save for a 20 percent down payment on the median-priced home, assuming they saved 10 percent of their income every year.
Single buyers typically have a smaller budget than couples, which leaves them with fewer homes to choose from and limits them to the most in-demand portion of the housing stock. The number of homes for sale is limited across the country, down nearly 11 percent over the past year, and nearly 18 percent for the least expensive homes. A single person could afford to buy less than half (45 percent) of the U.S. housing stock, compared to a married or partnered couple, who could afford 82 percent of all homes.
“Nearly two-thirds of Americans agree that buying a home is a central part of living the American Dream, but for unmarried or un-partnered Americans, that dream is increasingly out of reach,” Zillow Senior Economist Aaron Terrazas said in a statement. “Single buyers typically have more limited budgets, which means they are likely competing for lower-priced homes that are in high demand. Having two incomes allows buyers to compete in higher priced tiers where competition is not as stiff.”
