For much of the past decade, a 20% down payment was enough to make homeownership feasible in most U.S. cities—typically requiring around six years of saving. That standard no longer holds: as mortgage rates and home prices have surged, the gap between what buyers can afford and what homes cost has widened dramatically.
While these housing affordability challenges exist nationwide, some areas give potential buyers shorter savings timelines than others. A new analysis from Upgraded Points examines how long it would take the typical household to save for a home in cities across the U.S., based on current home prices, mortgage rates, incomes, and other housing-related costs.
Key Takeaways, With Data for Charlotte, NC
- 41% Down Is the New 20%: In 2025, the typical U.S. household would need a 41% down payment—about $148,000—and nearly 13 years of saving to afford the median-priced home.
- Few Cities Remain Affordable: In just 4 of America’s 54 largest cities could a buyer afford the monthly payments with 20% down or less.
- Borrowing Power for Charlotte Homebuyers: Earning the city’s median income of $83,204, the typical household in Charlotte can afford to borrow $222,388 of the $398,872 median home price. This leaves a required down payment of about $176K (44.2% of the purchase price).
- Charlotte Buyers Need 14.5 Years to Save: Assuming buyers spend no more than 30% of their income on housing, invest 10% of their gross income, and earn a 5% annual return, it would take the typical Charlotte household 14.5 years to save the required down payment.
How Long Does It Take To Save for a Home in Every U.S. City?
| 1 | Los Angeles, CA | 35.1 | $814,336 | 82.6% | $986,145 | $171,809 | $85,249 | $2,131 | $1,124 | $1,008 |
| 2 | Miami, FL | 31.6 | $483,530 | 81.7% | $591,524 | $107,994 | $62,998 | $1,575 | $706 | $869 |
| 3 | San Jose, CA | 31.2 | $1,123,731 | 73.4% | $1,531,233 | $407,502 | $150,166 | $3,754 | $2,665 | $1,089 |
| 4 | New York, NY | 31.0 | $624,228 | 81.3% | $767,759 | $143,531 | $84,556 | $2,114 | $939 | $1,175 |
| 5 | Long Beach, CA | 30.3 | $629,753 | 73.2% | $860,458 | $230,705 | $89,071 | $2,227 | $1,509 | $718 |
| 6 | San Diego, CA | 29.4 | $736,318 | 71.6% | $1,028,632 | $292,314 | $110,659 | $2,766 | $1,912 | $855 |
| 7 | San Francisco, CA | 27.5 | $882,233 | 67.7% | $1,302,230 | $419,997 | $150,040 | $3,751 | $2,746 | $1,005 |
| 8 | Boston, MA | 26.1 | $537,400 | 70.9% | $757,504 | $220,104 | $100,512 | $2,513 | $1,439 | $1,073 |
| 9 | Oakland, CA | 25.2 | $520,521 | 68.8% | $756,579 | $236,058 | $103,285 | $2,582 | $1,544 | $1,038 |
| 10 | Seattle, WA | 23.5 | $576,430 | 64.8% | $888,951 | $312,522 | $129,396 | $3,235 | $2,044 | $1,191 |
| 11 | Portland, OR | 20.1 | $324,817 | 60.0% | $541,664 | $216,848 | $94,187 | $2,355 | $1,418 | $937 |
| 12 | Austin, TX | 19.6 | $320,833 | 60.9% | $526,444 | $205,611 | $97,018 | $2,425 | $1,345 | $1,081 |
| 13 | Tucson, AZ | 19.5 | $189,928 | 57.5% | $330,025 | $140,096 | $57,860 | $1,447 | $916 | $530 |
| 14 | Las Vegas, NV | 18.7 | $230,908 | 53.5% | $431,579 | $200,671 | $75,020 | $1,876 | $1,312 | $563 |
| 15 | Denver, CO | 18.5 | $296,079 | 52.7% | $561,628 | $265,549 | $97,251 | $2,431 | $1,736 | $695 |
| 16 | Fresno, CA | 18.5 | $215,478 | 55.6% | $387,604 | $172,125 | $70,863 | $1,772 | $1,126 | $646 |
| 17 | Sacramento, CA | 17.9 | $256,281 | 52.6% | $487,408 | $231,127 | $88,842 | $2,221 | $1,511 | $710 |
| 18 | Nashville-Davidson, TN | 17.8 | $228,284 | 52.3% | $436,392 | $208,109 | $79,766 | $1,994 | $1,361 | $633 |
| 19 | Washington, DC | 17.5 | $315,701 | 51.9% | $607,877 | $292,176 | $112,745 | $2,819 | $1,911 | $908 |
| 20 | Aurora, CO | 17.4 | $247,583 | 50.7% | $488,471 | $240,888 | $89,443 | $2,236 | $1,575 | $661 |
| 21 | Mesa, AZ | 16.2 | $207,772 | 47.1% | $440,951 | $233,179 | $83,566 | $2,089 | $1,525 | $564 |
| 22 | Tampa, FL | 16.2 | $187,776 | 49.4% | $380,089 | $192,313 | $75,634 | $1,891 | $1,258 | $633 |
| 23 | Raleigh, NC | 16.1 | $214,790 | 48.7% | $441,338 | $226,548 | $87,432 | $2,186 | $1,481 | $704 |
| 24 | Colorado Springs, CO | 15.9 | $214,635 | 46.8% | $458,759 | $244,124 | $88,253 | $2,206 | $1,596 | $610 |
| 25 | Phoenix, AZ | 15.7 | $193,750 | 46.3% | $418,907 | $225,157 | $81,722 | $2,043 | $1,472 | $571 |
| 26 | Bakersfield, CA | 15.4 | $189,131 | 47.9% | $394,482 | $205,351 | $82,100 | $2,052 | $1,343 | $710 |
| 27 | Albuquerque, NM | 15.1 | $156,223 | 46.5% | $336,297 | $180,074 | $69,590 | $1,740 | $1,178 | $562 |
| 28 | Atlanta, GA | 14.8 | $189,739 | 48.2% | $393,553 | $203,814 | $86,916 | $2,173 | $1,333 | $840 |
| 29 | Dallas, TX | 14.7 | $156,278 | 50.1% | $312,165 | $155,888 | $71,877 | $1,797 | $1,019 | $778 |
| 30 | Charlotte, NC | 14.5 | $176,484 | 44.2% | $398,872 | $222,388 | $83,204 | $2,080 | $1,454 | $626 |
| 31 | New Orleans, LA | 14.3 | $122,504 | 51.5% | $238,078 | $115,574 | $58,701 | $1,468 | $756 | $712 |
| 32 | Arlington, TX | 13.3 | $147,628 | 46.7% | $315,840 | $168,212 | $77,986 | $1,950 | $1,100 | $850 |
| 33 | Milwaukee, WI | 13.2 | $102,472 | 49.4% | $207,457 | $104,985 | $55,041 | $1,376 | $687 | $689 |
| 34 | Houston, TX | 12.8 | $119,615 | 44.5% | $268,584 | $148,969 | $66,715 | $1,668 | $974 | $694 |
| 35 | Chicago, IL | 12.2 | $134,212 | 44.3% | $302,972 | $168,760 | $79,699 | $1,992 | $1,104 | $889 |
| 36 | Virginia Beach, VA | 11.9 | $156,037 | 38.2% | $408,787 | $252,750 | $96,195 | $2,405 | $1,653 | $752 |
| 37 | Minneapolis, MN | 11.4 | $130,248 | 40.0% | $325,347 | $195,099 | $85,146 | $2,129 | $1,276 | $853 |
| 38 | Jacksonville, FL | 11.1 | $105,145 | 36.3% | $289,992 | $184,847 | $71,051 | $1,776 | $1,209 | $568 |
| 39 | Omaha, NE | 10.9 | $110,942 | 39.2% | $283,327 | $172,385 | $77,126 | $1,928 | $1,127 | $801 |
| 40 | San Antonio, TX | 10.7 | $94,615 | 37.4% | $253,248 | $158,633 | $66,740 | $1,668 | $1,037 | $631 |
| 41 | Fort Worth, TX | 10.5 | $112,523 | 37.2% | $302,646 | $190,123 | $81,256 | $2,031 | $1,243 | $788 |
| 42 | El Paso, TX | 9.8 | $78,152 | 34.5% | $226,634 | $148,483 | $62,303 | $1,558 | $971 | $587 |
| 43 | Columbus, OH | 9.4 | $82,681 | 33.6% | $245,897 | $163,216 | $69,296 | $1,732 | $1,067 | $665 |
| 44 | Louisville/Jefferson County, KY | 9.0 | $77,733 | 31.3% | $248,427 | $170,694 | $68,664 | $1,717 | $1,116 | $600 |
| 45 | Philadelphia, PA | 8.3 | $66,507 | 29.7% | $224,090 | $157,583 | $64,386 | $1,610 | $1,030 | $579 |
| 46 | Tulsa, OK | 7.9 | $59,790 | 29.2% | $204,676 | $144,886 | $61,956 | $1,549 | $947 | $601 |
| 47 | Kansas City, MO | 7.7 | $66,690 | 27.7% | $240,944 | $174,255 | $71,547 | $1,789 | $1,139 | $649 |
| 48 | Indianapolis, IN | 7.2 | $58,222 | 25.7% | $226,904 | $168,682 | $66,822 | $1,671 | $1,103 | $568 |
| 49 | Baltimore, MD | 6.6 | $49,068 | 26.3% | $186,557 | $137,489 | $63,246 | $1,581 | $899 | $682 |
| 50 | Cleveland, OH | 6.0 | $28,745 | 25.4% | $113,044 | $84,299 | $41,568 | $1,039 | $551 | $488 |
| 51 | Wichita, KS | 5.2 | $39,517 | 20.0% | $197,584 | $162,993 | $66,904 | $1,673 | $1,066 | $607 |
| 52 | Oklahoma City, OK | 5.0 | $40,393 | 20.0% | $201,963 | $173,821 | $70,755 | $1,769 | $1,137 | $632 |
| 53 | Memphis, TN | 4.8 | $29,268 | 20.0% | $146,339 | $121,867 | $54,323 | $1,358 | $797 | $561 |
| 54 | Detroit, MI | 3.4 | $15,379 | 20.0% | $76,894 | $77,275 | $41,980 | $1,049 | $505 | $544 |
