As costs for gas and groceries continue to rise, the life-long goal of homeownership that builds family wealth is also at severe risk. And once again, historic racial disparities play a prominent role. It now takes 16 years for renters earning a median income of $58,000 to save for a down payment and closings costs, double that of 2019 when the savings horizon was eight years according to new research by the Center for Responsible Lending (CRL), Homeownership Further Out of Reach. This calculation assumes a renter is able to save $1,525 each month to acquire enough funds to make the transition from renter to homeowner.
