Nationally, the savings rate has grown from 8% to 17%, but home seekers are still struggling to save for a down payment, according to a report from real estate marketplace Point2. In an analysis of how long it would take potential home buyers to save for a 20% down payment, Gen Zers in Madison would take over a decade. Taking into consideration median home prices and median incomes of different cities and age groups, the study found:
- Gen Zers with a median income of $26,673 need 12.2 years to save for a down payment on a home in Madison, compared to 6.4 years in Milwaukee;
- Millennials with a median income of $74,645 need 4.4 years of savings in Madison compared to 3.5 years in Milwaukee;
- Gen Xers with a top median income of $85,646 need just 3.8 years to save for a home in Madison;
- Younger baby boomers with a median income of $81,468 need just four years of savings; and
- Older baby boomers with a median income of $63,290 need 5.1 years to raise the down payment for a Madison home.
