How long does it take to buy a house in different US cities?

Home ownership is the dream of many Americans, but high property prices make it quite difficult to implement.

Фото: Depositphotos

An average American buying a house in America will need about 6 and a half years to save money to cover the 20% mortgage payment, and in some places it may take more than two or three decades, writes CNBC.

The average price of a home in the US is $216, so 000% of it is $20. It would take an average-income American 43 months to save that amount, assuming he saves 200% of his income.

Moreover, the younger generation pays tuition fees, which makes it difficult for its representatives to buy a house.

In addition, if a person does not own a house, then he is more likely to rent housing, and high rental rates also complicate the process of postponing the first installment.

A typical US tenant spends 34% of his rental income.

Mortgage lenders usually require that the borrower pay all his loans (credit cards, student debt, mortgage, etc.) no more than 43% of his income, otherwise he will most likely be denied a loan.

These are average indicators for the country, however, incomes and prices for housing in different regions are different, therefore the terms of postponing money for the first installment on a mortgage will be different.

It may take more than a decade for 13 35 tenants from the largest cities in the country to accumulate a fee. In very expensive markets, such as San Jose, California, Los Angeles and San Diego, this can take more than two or even three decades. In cheaper markets, such as Pittsburgh, Cleveland and Detroit, this may take about four years, since tenants in these cities spend less on rent.

Data for ten major US cities are presented in the graph.

At the moment, there are special programs for veterans and other categories of people in the United States who can get mortgages with reduced interest rates and an initial contribution of 3-3,5%.

Read also on ForumDaily:

9 programs to help save money when buying a home in the US

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How the US banking system works and how reliable it is

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