A crushing affordability gap has widened for renters, with a new analysis revealing that saving for a down payment and closing costs now takes an average household nearly two decades. Soaring rents and escalating living expenses are squeezing household budgets, leaving many struggling to accumulate the funds needed to buy a home. The findings underscore how economic pressures are reshaping housing aspirations for millions of Americans.
A new analysis finds that the average renter household now needs 16 years to save for a down payment and closing costs. Rising rents and other costs have consumed a growing share of household budgets.
