A new report by housing finance company Unison has found it would take the median Boston household 30 years to save up for a traditional 20 percent down payment on a new home.

That puts Boston in the company of cities like Los Angeles, Honolulu, New York and Washington, D.C., where it takes the aspiring homebuyer over a quarter-century to save up. Nationwide, it would take the median household 14 years to save.

In 2013, Unison calculated a 20 percent down payment on the median home would be $68,126. Today, that same number would be $97,350. The median Boston household income is currently $64,553, according to the report. The calculations do not include equity a homeowner has built up in their current abode.

The median condominium price in Suffolk County was  $615,000 in 2018, according to The Warren Group, publisher of Banker & Tradesman. The median single-family price there was $549,000.

That compares to median condo sale prices of $285,000 in Essex County,  $$449,000 in Middlesex County, $364,400 in Norfolk County and $205,000 in Worcester County.

In the same year, single family median sale prices were $440,000 in Essex County, $550,000 in Middlesex County, $500,000 in Norfolk County, and $275,000 in Worcester County.

 

It Now Takes 30 Years to Save for a Down Payment in Boston

by Banker & Tradesman time to read: 1 min
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