Julian Bond Institute Report Finds Homeownership Savings Timeline Has Doubled Since 2019
A new report from the Julian Bond Institute (JBI) at the Center for Responsible Lending reveals a significant decline in housing affordability. The analysis shows that the time required for families to save for down payments and closing costs has doubled since 2019 across various demographics, including middle-income earners and frontline workers. Specifically, median-income renters now face a 16-year savings timeline compared to eight years in 2019. The report highlights a widening wealth gap, noting that while homeowners benefit from high appreciation and low mortgage rates, aspiring buyers—particularly Black families and first-generation buyers—face increasingly steep financial barriers. Experts are calling for expanded down payment assistance programs and increased starter home supply to address the crisis.
Topics: down payment savings homeownership trends housing affordability socioeconomic impact