Buying a home will take an extra year of saving up

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, a real estate startup.  

For many renters hoping to become buyers, scraping together a down payment has always been a challenge. Now the hurdles have gotten higher as bidding wars for a tight supply of listings push prices ever further out of reach. The

→ Continue reading at Crain's New York Business

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