Zillow report says it takes Seattle singles 17.1 years to save for down payment on home
SEATTLE -- A new Zillow analysis released Thursday found that it would take a single homebuyer in Seattle 17.1 years to save for a down payment on a median-priced home in the city.
It would take a Seattle couple 7.6 years to do the same.
The median home value in Seattle used for the analysis was $394,400 from June 2016, which is the same time the latest data from the American Community Survey for incomes came out, according to Zillow.
The current median home value in Seattle is now at $468,000, Zillow said.
Nationally, the report said it takes 11 years for a single homebuyer to save for a 20 percent down payment on a typical U.S. home.
According to the Zillow report, less than half of all U.S. homes are affordable for a single homebuyer. The report said a couple could afford a home worth more than twice as much.
For couples in Seattle, the Zillow report said a couple could afford to buy a home worth $529,317, which is 68 percent of homes. While for a single buyer in Seattle, they could afford a $234,656 home, which is 12 percent of homes in the area.
"Nearly two-thirds of Americans agree that buying a home is a central part of living the American Dream, but for unmarried or un-partnered Americans, that dream is increasingly out of reach," Zillow senior economist Aaron Terrazas said in a press release. "Single buyers typically have more limited budgets, which means they are likely competing for lower-priced homes that are in high demand. Having two incomes allows buyers to compete in higher priced tiers where competition is not as stiff."
Portland is not too far behind Seattle. It would take a single homebuyer 16.8 years and a couple 7.6 years to save for a down payment on a median-priced home Portland.
The report said that single buyers have it the easiest in Indianapolis, where it would take less than eight years for a down payment on a median-priced home.
The hardest places? San Jose at 30.7 years for a single homebuyer and San Francisco not far behind at 27. 8 years for a single homebuyer to make a down payment.