A new study reveals Florida renters need more than six decades to save enough for a down payment on a median-priced home, highlighting the growing housing affordability crisis across the country.
The research from property experts at Gary Buys Houses analyzed how long typical renting households in each state would need to save for a 15% down payment on a home.
In Florida, it would take nearly 64 years to save enough for a 15% down payment on a median-priced home, ranking as the 6th longest wait nationwide.
A typical Florida family renting a home or apartment earns about $52,000 annually. After paying for essentials like rent and groceries, these families can only save $75 each month toward homeownership.
The situation is even more dire in some states. Renters in Maine, Louisiana, West Virginia and Mississippi have no savings potential at all after covering basic needs.
"Housing costs vary dramatically between states. Virginia lets disciplined savers achieve homeownership in under seven years. Other states make this goal impossible without major income increases," said Gary Spickes, Chief Investment Officer at garybuyshousesar.com.
"The worst-ranked states show a troubling pattern. Take Mississippi and West Virginia. Houses cost far less than California or New York. But renter incomes run so low they can't even cover basics," Spickes said.
Virginia offers the brightest outlook among all states. Residents there can potentially save more than $700 monthly, allowing them to save for a down payment in under seven years.
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