Homebuyers Take Average of 6 Years to Save for a Down Payment

Saving for a home can take time, and as home prices have grown over the past several years, that timeframe has also increased. According to online savings platform Raisin’s 2025 State of Homebuying Report, homeowners report saving for six years to afford a down payment, and a majority of those who would like to buy a home say they’ve already saved for five years.

Another nine in 10 Americans report having made sacrifices to purchase a home, including not being able to save for retirement, working multiple jobs, and delaying major life milestones.

For those who did save enough and were able to buy homes, is homeownership all it’s cracked up to be?

During the pandemic when mortgage rates hit record lows, Americans rushed to buy homes – but now, the financial reality of homeownership may be setting in:

• 38% of respondents say homeownership has hurt extra dollars for things like travel, dining and subscriptions.
• 25% of Americans say homeownership has hurt their ability to save for retirement.
• 46% of homebuyers who purchased homes in the last four years stated that they fear they bought more house than they can handle.
• 24% of respondents say that the impact on monthly expenses has been greater than expected.