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It Now Takes Roughly 13 Years to Save for a Down Payment in New York
The typical buyer needs more time to put aside enough for 10% down, according to Zillow. And after a pandemic surge in prices, the situation is almost as bad in Austin.
A residential neighborhood in Austin, Texas.
Photographer: Jordan Vonderhaar/BloombergThis article is for subscribers only.
It now takes house hunters in Austin, Texas, almost as long to save up for a down payment as those looking to buy in New York City.
The amount of time it would take to save enough to put 10% down on a typical home in Austin rose from eight years in 2019 to 13 years in 2022, according to estimates from real estate firm Zillow. The city was one of several Sun Belt boomtowns that saw home prices surge during the pandemic, driven in large part by an influx of tech jobs.