From 3 Years to 65 Years: New Data Reveals the Radical Down Payment Divide Between U.S. Cities

A Rocket Mortgage analysis reveals a stark geographic divide in the U.S. for first-time homebuyers, with households in New York City needing 65 years to save for a median down payment, while those in Warren, Michigan, require just 3 years. The disparity stems from varying home prices, median incomes, and down payment percentages across cities.