Please note: The data visualization embeds on this page are best viewed on a laptop or desktop computer.

We talk a lot about how hard it is to save for a down payment. The age of first-time homebuyers has been rising, and the ripple effects are real: delayed homeownership means delayed wealth-building, which means the gap between those who own and those who rent widens.

But, like almost everything in real estate, it’s not the same everywhere. In some markets, the “down payment clock” moves quickly. In others, it moves slowly. And understanding which clock you are on might be one of the most practical insights for buyers.

We analyzed data from the Home Mortgage Disclosure Act (HMDA) across 180+ markets. Instead of assuming a standard 20% or 10% down payment, we used the down payment buyers made in each market, based on the median loan-to-value ratio among those buyers who took out a mortgage. Then we paired that with median household income and assumed a household could save 15% of its income each year. The result is how many years it takes to save for a down payment, market by market.

Where the Clock Moves the Slowest

Let's start with the toughest markets.

In San Jose, the median property value among HMDA borrowers is around $1.57 million. The typical buyer puts down about 24%, which means that they need about $382,000 in cash. Even with a median household income of about $165,000, saving 15% of that income amounts to around $24,700 a year. That’s about 15 years to save the down payment. Los Angeles and San Luis Obispo follow with 14 years. In San Francisco, Salinas, and Santa Barbara, it takes about 12. San Diego—often thought of as the more accessible California option—also requires 12 years.

Markets in the Middle

The Sun Belt markets seem to take significantly less time than those in coastal California. Phoenix, Nashville, Denver, and Orlando are all at 7 years. That’s still not easy, but it’s half the time of the most expensive markets.

And then there is the majority of markets that fall between 4 and 7 years. Markets like Raleigh, Charlotte, Indianapolis, Kansas City, Columbus, and Minneapolis all fall in the 4–6-year range. Surprisingly, the Washington, D.C. metro market—despite its high incomes and high prices—stands at just 6 years. Atlanta, Dallas, Houston, and Austin are all in the 5–6-year range. For buyers with the flexibility to choose among major metros, the difference between a 12-year market and a 5-year market is 7 years. This can also mean 7 years of rent payments that could have been building equity; 7 years of accumulated homeownership wealth that are missing.

Where the Clock Runs Quickly

But then there are markets where buyers can save for a down payment in 2–3 years. Markets in the industrial Midwest, such as Davenport, Iowa; Toledo and Canton, Ohio; Peoria, and Springfield, Illinois. And that is an opportunity for many people. And 2 or 3 years of saving is something a household can do.

So, the down payment clock is ticking differently depending on where you stand. Knowing which clock you're on is the first step to doing something about it.