Down Payment Down Low

A recent ranking tracked how many years of work it could take to achieve homeownership in the 50 biggest U.S. cities, based on median incomes and median home values.

CNBC ranked 10 of the U.S. cities studied by fewest to most years it would take to save up the traditional 20 percent down payment. In Seattle, ranked tenth by the personal finance site, it would take 7.75 years earning the median income, $86,822, to be able to afford buying the median home, valued at $673,100.

Housing prices have been rising faster than inflation in the U.S., which is pricing more and more people out of the market. Still, owning a home remains a top priority for 72 percent of Millennials, according to Bank of America’s 2018 Homebuyer Insights Report.

Note that [SmartAsset's ranking] did not take into account closing costs, surprise expenses, taxes, fees or maintenance costs, which experts say can add significantly to the amount required to actually buy a home. Also, SmartAsset used home values; listed prices can be higher.

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