Finding and buying a home is part of the American dream, but for some Americans, including those in Pennsylvania, it’s challenging to get over that hurdle of being a first-time homebuyer. Even if interest rates go down, that often coincides with prices goes up, so it’s really a no-win situation. But, the good news is that each day, Americans do buy that coveted first home. It’s such a fulfilling feeling to finally have the keys to your first house and be able to call it your own. Now, a study is offering information about how long it takes the average person to save up for a home.
Research Shows How Many Years It Takes to Save for a Home in Pennsylvania
In a Wednesday, March 25 feature for Visual Capitalist, their researchers lay out how many years it takes to save for a house in the United States. As for the research, “Based on Consumer Affairs data, this map shows how many years it takes the average household to save for a home in each state,” the outlet states in the piece. “Nationwide, the average is 14.4 years, but timelines vary dramatically by state.”
The numbers really do vary per state. According to the research, saving for a 10% down payment for a home takes 8.7 years in Iowa but climbs to 25.1 years in California. That’s a large difference. In California, New York and Hawaii, saving for a house takes more than 20 years. Iowa is the state where it takes the least amount of time to save for a house, with that 8.7 year figure.
So, how about Pennsylvania? According to the study, it takes 11.5 years to save up for that first dream home.
The American Bankers Association urges Americans to look into state and local home-buying programs when buying that first residence. “Many states, counties and local governments operate programs for first-time homebuyers,” they state. “Some programs offer housing discounts, while others provide down payment loans or grants.”
Anne Erickson started her radio career shortly after graduating from Michigan State University and has worked on-air in Detroit, Flint, Toledo, Lansing and beyond. As someone who absolutely loves rock, metal and alt music, she instantly fell in love with radio and hasn’t looked back. When she’s not working, Anne makes her own music with her band, Upon Wings, and she also loves cheering on her favorite Detroit and Michigan sports teams, especially Lions and MSU football. Anne is also an award-winning journalist, and her byline has run in a variety of national publications. You can also hear her weekends on WRIF.