Saving for a down payment is often a major hurdle for wanna-be homeowners.
And for good reason: Putting 20% down costs two-thirds of the average household income, according to a new report from Zillow.
“It’s a big number,” said Aaron Terrazas, senior economist at Zillow. “Very few are saving for a down payment in one year, it’s something they do over multiple years. And for renters who have been faced with rising rent and health care costs, it’s very difficult to put away any money at all.”
