{"id":243765,"date":"2026-04-23T20:42:06","date_gmt":"2026-04-23T20:42:06","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/243765\/"},"modified":"2026-04-23T20:42:06","modified_gmt":"2026-04-23T20:42:06","slug":"it-takes-9-years-to-save-for-a-down-payment-in-miami","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/243765\/","title":{"rendered":"It takes 9 years to save for a down payment in Miami"},"content":{"rendered":"<p>It takes a median of six years to save for a down payment in the United States, according to a new analysis from the <a href=\"https:\/\/www.nar.realtor\/blogs\/economists-outlook\/the-down-payment-clock-how-long-it-takes-to-buy-a-home-market-by-market\" target=\"_blank\" rel=\"noopener nofollow\">National Association of REALTORS\u00ae<\/a>.<\/p>\n<p>That timeline is typical for a family saving 15% of their income, assuming a 15% down payment.<\/p>\n<p>Schedules vary widely from market to market, though, just as the capacity to save varies by metro: In the most difficult market, San Jose, California, it takes 15 years; in the easiest, Jackson, Missouri, it takes just two.<\/p>\n<p>Miami falls on the upper end of the spectrum: Given the median home value in the Miami metro area, buyers need to put down 19% to afford a median <a href=\"https:\/\/southfloridaagentmagazine.com\/2026\/04\/16\/average-monthly-mortgage-payments-top-2k-for-first-time\/\" target=\"_blank\" rel=\"noopener nofollow\">monthly mortgage payment<\/a>. Therefore, it takes nine years to\u00a0save for\u00a0a down payment of $104,650 (the required amount for a property valued at\u00a0$565,450).\u00a0That shakes out to about $12,090 annually.<\/p>\n<p>A majority of markets fall in the four-to-seven-year range, NAR said.<\/p>\n<p>\u201cFor buyers with the flexibility to choose among major metros, the difference between a 12-year market and a five-year market is seven years,\u201d wrote Nadia Evangelou, senior economist and director of real estate research at NAR. \u201cThis can also mean seven years of rent payments that could have been building equity. Seven years of accumulated homeownership wealth that are missing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"It takes a median of six years to save for a down payment in the United States, according&hellip;\n","protected":false},"author":2,"featured_media":243766,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[78270,123,125,124,107444,65536,41094,33847,875],"class_list":["post-243765","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-down-payment","tag-miami","tag-miami-headlines","tag-miami-news","tag-nadia-evangelou","tag-nar","tag-national-association-of-realtors","tag-sc","tag-south-florida-real-estate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/243765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=243765"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/243765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/243766"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=243765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=243765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=243765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}