Buying a U.S. Home Will Take an Extra Year of Saving Up

Bloomberg, Sept. 27, 2021–Aysha Diallo
Would-be homebuyers in the U.S. will have to save up for an extra year before taking the plunge, thanks to pandemic-era price gains. For the typical American, it would take eight years of stashing away 10% of monthly income to build up enough for a 20% down payment — up from seven years before Covid-19 ignited a homebuying frenzy, according to a study by Tomo.