Study: It takes 17 years for single homebuyers to save for down payment in Portland
PORTLAND, Ore. – It takes a single person about 17 years to save up enough money for the down payment on a Portland home, which is more than twice as long as it would take a couple.
That’s according to research from property website Zillow.
The site found that it takes a married or partnered couple about 7 and a half years to save up for a 20 percent down payment on a typical home. It would take a single person just under 17 years to save up that same amount.
They looked at home values and income data to gather the estimate.
"Single buyers typically have more limited budgets, which means they are likely competing for lower-priced homes that are in high demand. Having two incomes allows buyers to compete in higher priced tiers where competition is not as stiff," said Zillow senior economist Aaron Terrazas.
In Portland, they found that nearly three out of four homes on the market are affordable to a couple, however only 8 percent of homes would be affordable to a single homebuyer.
According to Zillow's research, Portland's estimates on how long it would take people to save are only a few months shorter than Seattle's.