MoneyLion
Sign In
Join Free
MoneyLion
Sign InJoin Free
Oct 13, 2026

Want a Home? Saving 20% Takes 11 Years or More in These Major Cities

Written by Gabrielle Olya
|
Edited by Cory Dudak
Want a Home? Saving 20% Takes 11 Years or More in These Major Cities

For many Americans hoping to buy a home, saving for a 20% down payment remains one of the biggest financial hurdles. This, of course, can be exacerbated based on the housing markets you are looking to buy a home in.

A recent analysis from Veterans United Home Loans found that, on average, a typical two-income household needs 6.5 years to save for a 20% down payment and closing costs across the nation's 50 largest metro areas. In some of the most expensive housing markets, however, the process can take more than a decade and even stretch past 20 years.

Explore More: 5 States Where Even Starter Homes Now Cost $1 Million or More

Keep Learning: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too

Here are the 10 U.S. metro areas where homebuyers face the longest wait to save enough cash for a 20% down payment and closing costs.

1. San Jose, California

  • Median home price: $1,920,000

  • Median income: $164,801

  • Time to save for 20% down plus closing costs: 21 years

2. Los Angeles

  • Median home price: $939,700

  • Median income: $96,405

  • Time to save for 20% down plus closing costs: 17.6 years

3. San Francisco

  • Median home price: $1,305,000

  • Median income: $135,590

  • Time to save for 20% down plus closing costs: 17.4 years

4. San Diego

  • Median home price: $994,000

  • Median income: $109,132

  • Time to save for 20% down plus closing costs: 16.5 years

5. Miami

  • Median home price: $635,000

  • Median income: $80,625

  • Time to save for 20% down plus closing costs: 14.2 years

6. New York

  • Median home price: $753,600

  • Median income: $99,852

  • Time to save for 20% down plus closing costs: 13.6 years

7. Seattle

  • Median home price: $770,400

  • Median income: $112,388

  • Time to save for 20% down plus closing costs: 12.4 years

8. Riverside, California

  • Median home price: $595,000

  • Median income: $91,013

  • Time to save for 20% down plus closing costs: 11.8 years

9. Providence, Rhode Island

  • Median home price: $536,800

  • Median income: $82,870

  • Time to save for 20% down plus closing costs: 11.7 years

10. Boston

  • Median home price: $757,600

  • Median income: $117,825

  • Time to save for 20% down plus closing costs: 11.6 years

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

More From MoneyLion:

Written by
Gabrielle Olya
Edited by
Cory Dudak