For Floridians dreaming of owning a home, saving for a down payment remains a heavy burden. A new study by Smart Asset quantifies just how heavy a burden it is. The study found that, on average, it now takes the median-income household earner in Florida 17 months longer to save up for a down payment in 2026 than in 2016, considerably longer than it did a decade ago. According to Smart Asset, for Floridians who earn a minimum wage of $14 an hour, it takes nearly 26 years to save up for a down payment on a home.
Florida was No. 25 on this list, while residents in Idaho have been affected the most in the last 10 years. Residents of Idaho now need 40 months longer to buy a home than in 2016. Only in three states, Louisiana, Mississippi and North Dakota, can median-income households save a down payment faster than they could in 2016. The report found that West Virginia has the nation's lowest down payment burden. A median-income household in West Virginia needs 5.5 years to save for a down payment in 2026, just three months longer than in 2016. According to the study, saving for a down payment on a minimum-wage income alone is essentially impossible in every state.