Homeownership is a primary vehicle for building wealth, but for too many families, it is out of reach. JBI analyzed how many years it would take a family aspiring to homeownership to accumulate sufficient funds to cover a down payment and closing costs for a starter home.
Since 2019, the time to save those funds for a renter family at the median income has doubled, from 8 to 16 years. For Black aspiring homeowners, the time to save has increased from 11 to 21 years. The Black-White disparity between 2019 and 2026 has doubled. JBI also found considerable increases in years to save among frontline worker families and in the 10 largest metro areas.
Across the country, unless someone has access to financial assistance from family or friends, homeownership is largely out of reach. There is a critical need for down payment assistance, low down payment mortgages, and additional housing supply.