How long does it take to save up for a starter home? Twice as long as it did in 2019

The average renter household now requires 16 years to save up for a down payment and closing costs, double the time it took in 2019, according to a recent analysis. Rising rents and other living expenses have increasingly eaten into household budgets, making it harder for many to afford a starter home. This extended timeline highlights the growing affordability crisis in the real estate market, which is increasingly out of reach for younger generations and even many established adults.