JACKSONVILLE, Fla. – As home prices continue to climb across Florida, a new analysis suggests it could take the typical household nearly a generation to save for a modest down payment.
New data from ConsumerAffairs estimates that Floridians would need 17 years to save enough for a 10% down payment on a median-priced home. Researchers say that’s the 12th-longest timeline in the country.
The findings come as the state’s median home price reaches $404,300, putting a 10% down payment at $40,430.
To reach that number, ConsumerAffairs calculated what an average household could save annually after taxes and covering essential expenses:
Median household income in Florida: $77,735
Estimated taxes: $15,309, leaving $62,426
Essential yearly costs — including housing, food, health care, transportation, gas, clothing and insurance: $37,948
Remaining disposable income: $24,478
Analysts then assumed a resident saves 10% of that disposable income, or $2,448 per year. At that rate, it would take 17 years to reach the required down payment.
ConsumerAffairs calls this approach “fractional saving” — a method meant to reflect the reality that most Americans cannot put all of their remaining income toward housing costs.
If Floridians were able to save their entire disposable income each year, the report notes, they could reach a down payment in just two years. But with the cost of everyday necessities rising, researchers say that scenario is far from realistic for most households.
The data adds to growing concerns about housing affordability statewide, where wages have struggled to keep pace with record-setting home prices.
Now, we want to hear from you! How long have you been saving to afford a down payment for a home? What has the process been like? Do you have any advice to help others who are trying to save?
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