Renters, this is how many years it takes to save up for a down payment on a home

For renters who want to own their homes one day, the journey to build up enough savings for a down payment will be a long one.

A new report from Zillow Z, -0.94% subsidiary HotPads, a rental search website, looked at the average renter nationwide to see how long it would take them to build a down payment. If they earned the national median income ($56,784 per year) and saved 20% of their income each month to put toward a down payment, it would take 77 months (or nearly 6.5 years) to build a 20% down payment for a median-value home ($216,000).

>>> Original Source <<<