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

A new report from the Center for Responsible Lending finds the time to save for a down payment and closing costs on a starter home has doubled since 2019, to 16 years for a median-income renter household and 21 years for a median-income Black renter household. The center attributes the jump to higher home prices, mortgage rates above 7%, inflation, rising closing costs, and stagnant renter incomes, and calls the figures likely an undercount. The report advocates more down payment assistance, zoning reform, and building smaller, cheaper homes to narrow a widening wealth gap between owners and renters.