The 8-Year Down Payment Wait in the DC Area

These days, it takes a bit longer to save for a home down payment in the DC region than it did twenty years ago.
Zillow has found that it takes homebuyers almost 8 years to save for a 20 percent down payment in the DC region. This calculation is based on a median home price of $399,000. In 1998, when the typical home cost $158,100, it took 5.4 years to save for a down payment.
story continues below
loading...story continues above
"Despite the booming job markets of the past decade, buyers saving down payments now – mostly first-time buyers, 61 percent of whom are millennials, according to the Zillow Group Consumer Housing Trends Report – need even more time to accomplish what previous generations did," the report states. "First-time buyers say that 46 percent of their down payments come from savings, compared with 35 percent for repeat buyers."
While 8 years may seem like a long time, the period it takes to save for a down payment in the DC area isn't that much longer than the national average, which comes in at 7.2 years.
This article originally published at https://dc.urbanturf.com/articles/blog/the-8-year-down-payment-wait-in-the-dc-area/14605.
Most Popular... This Week • Last 30 Days • Ever

UrbanTurf created Pipeline, a searchable database of multifamily projects that are un... read »

As we head towards the end of the year, UrbanTurf is wrapping up its coverage of larg... read »

Capitalization challenges are to blame for the Madison Highland Live/Work Lofts at 70... read »

Today, UrbanTurf is looking back at the three priciest homes to sell in the DC area t... read »

Today, UrbanTurf takes a look at the distinct differences between these two popular f... read »
- The Nearly 750 Projects in UrbanTurf's Pipeline
- The 8 Large Developments on the Boards From Anacostia to the Bridge District
- 239-Unit Live/Work Loft Development in Downtown DC Put on Hold
- $13 Million and Up: The 3 Most Expensive Homes To Sell in the DC Area in 2023
- The Difference Between Condos and Co-ops
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro