Downpayment for Buying First Home an uphill task

A first-time home buyer earning an average income in Florida needs 22.64 years to accumulate a 10 percent downpayment for a median price home, according to a new analysis from Builder.

Households in Hawaii need more time to save up for a downpayment – 26.79 years.

Rule of thumb dictates that households should not spend more than 28 percent of their gross income on total housing expenses. Its  calculated how much of that 28 percent is spent on rent every month in each state to pinpoint the balance that people would be contributing to a downpayment savings account each month.

Overall, an average U.S. family needs almost eight years to save a downpayment, according to its calculations.

Source:Builder

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