How long does it take to save up for a starter home? Twice as long as it did in 2019

For-sale signs are posted in front of condominiums for sale in July in Los Angeles. A new analysis from the Center for Responsible Lending finds that the average renter household now needs 16 years to save for a down payment and closing costs.

A new analysis finds that the average renter household now needs 16 years to save for a down payment and closing costs. Rising rents and other costs have consumed a growing share of household budgets.

(Image credit: Justin Sullivan)