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Saving for a home down payment has become a moving target. As rising home prices outstrip wage growth, the amount of time buyers may need to set aside enough money has changed sharply in many parts of the country. In some states, rising incomes have helped offset higher home values. In others, buyers may face a substantially longer path to ownership than they did just one decade ago.
SmartAsset analyzed typical home values in each state in 2016 and 2026 and compared them with median household income to estimate how many years of savings would be required to afford a 20% down payment, assuming households set aside 10% of annual income. It also evaluates how long a minimum-wage earner would need to save for a down payment in 2026, based on each state’s minimum wage. The estimate is a point-in-time affordability measure and does not model income growth, home-price changes or investment returns during the saving period. This approach allows for a consistent state-by-state comparison of how current home values and incomes affect the relative burden of saving for a down payment.
Key Findings
- Idaho had the largest increase in time needed to save for a down payment. Median-income households in the Gem State now need 11.2 years to save enough for a home, up three years and four months from 2016.
- Pricey coastal states still require the most time to save for a down payment. In three coastal states, median-income households need at least 12 years to save enough for a home: Hawaii (15.6 years), California (14.7 years) and Massachusetts (12 years).
- In three states, median-income households can save for a down payment faster than they could in 2016. In Mississippi, North Dakota and Louisiana, income growth outpaced home-price growth. As a result, it now takes less time to save for a down payment in Mississippi (two months less), North Dakota (six months less) and Louisiana (17 months less).
- Saving for a down payment on a minimum-wage income alone is essentially impossible in every state. Even in Missouri, the most favorable state, a minimum-wage earner would need 17 years to save enough for a home down payment. In Utah, that timeline exceeds 70 years.
States Ranked by Change in Time Needed to Save for a Home Down Payment*
1. Idaho
- April 2016 typical home value: $203,447
- April 2026 typical home value: $477,506
- Median household income
- 2016 median household income: $51,807
- 2026 median household income: $85,592
- Time needed to save at median household income (2026): 11.2 years
- Change in time needed to save (2016 to 2026): 40 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 63.3 years
2. Rhode Island
- April 2016 typical home value: $248,509
- April 2026 typical home value: $504,793
- Median household income
- 2016 median household income: $60,596
- 2026 median household income: $88,088
- Time needed to save at median household income (2026): 11.5 years
- Change in time needed to save (2016 to 2026): 39 months longer
- Minimum wage
- 2026 annualized minimum wage: $33,280
- Time needed to save at annualized minimum wage (2026): 30.3 years
3. New Hampshire
- April 2016 typical home value: $239,022
- April 2026 typical home value: $510,709
- Median household income
- 2016 median household income: $70,936
- 2026 median household income: $105,248
- Time needed to save at median household income (2026): 9.7 years
- Change in time needed to save (2016 to 2026): 36 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 67.7 years
4. Maine
- April 2016 typical home value: $195,978
- April 2026 typical home value: $412,608
- Median household income
- 2016 median household income: $53,079
- 2026 median household income: $80,600
- Time needed to save at median household income (2026): 10.2 years
- Change in time needed to save (2016 to 2026): 34 months longer
- Minimum wage
- 2026 annualized minimum wage: $31,408
- Time needed to save at annualized minimum wage (2026): 26.3 years
5. Utah
- April 2016 typical home value: $261,055
- April 2026 typical home value: $540,993
- Median household income
- 2016 median household income: $65,977
- 2026 median household income: $101,920
- Time needed to save at median household income (2026): 10.6 years
- Change in time needed to save (2016 to 2026): 32 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 71.7 years
6. Montana
- April 2016 typical home value: $227,136
- April 2026 typical home value: $467,919
- Median household income
- 2016 median household income: $50,027
- 2026 median household income: $79,456
- Time needed to save at median household income (2026): 11.8 years
- Change in time needed to save (2016 to 2026): 32 months longer
- Minimum wage
- 2026 annualized minimum wage: $22,568
- Time needed to save at annualized minimum wage (2026): 41.5 years
7. Washington
- April 2016 typical home value: $307,616
- April 2026 typical home value: $604,087
- Median household income
- 2016 median household income: $67,106
- 2026 median household income: $104,832
- Time needed to save at median household income (2026): 11.5 years
- Change in time needed to save (2016 to 2026): 28 months longer
- Minimum wage
- 2026 annualized minimum wage: $35,630
- Time needed to save at annualized minimum wage (2026): 33.9 years
8. New Jersey
- April 2016 typical home value: $309,556
- April 2026 typical home value: $571,373
- Median household income
- 2016 median household income: $76,126
- 2026 median household income: $109,980
- Time needed to save at median household income (2026): 10.4 years
- Change in time needed to save (2016 to 2026): 27 months longer
- Minimum wage
- 2026 annualized minimum wage: $31,678
- Time needed to save at annualized minimum wage (2026): 36.1 years
9. New York
- April 2016 typical home value: $283,872
- April 2026 typical home value: $510,449
- Median household income
- 2016 median household income: $62,909
- 2026 median household income: $90,532
- Time needed to save at median household income (2026): 11.3 years
- Change in time needed to save (2016 to 2026): 27 months longer
- Minimum wage
- 2026 annualized minimum wage: $33,280
- Time needed to save at annualized minimum wage (2026): 30.7 years
10. Massachusetts
- April 2016 typical home value: $366,592
- April 2026 typical home value: $661,755
- Median household income
- 2016 median household income: $75,297
- 2026 median household income: $110,552
- Time needed to save at median household income (2026): 12 years
- Change in time needed to save (2016 to 2026): 27 months longer
- Minimum wage
- 2026 annualized minimum wage: $31,200
- Time needed to save at annualized minimum wage (2026): 42.4 years
11. Nevada
- April 2016 typical home value: $227,181
- April 2026 typical home value: $447,225
- Median household income
- 2016 median household income: $55,180
- 2026 median household income: $85,592
- Time needed to save at median household income (2026): 10.5 years
- Change in time needed to save (2016 to 2026): 27 months longer
- Minimum wage
- 2026 annualized minimum wage: $24,960
- Time needed to save at annualized minimum wage (2026): 35.8 years
12. Wisconsin
- April 2016 typical home value: $170,732
- April 2026 typical home value: $333,909
- Median household income
- 2016 median household income: $56,811
- 2026 median household income: $81,744
- Time needed to save at median household income (2026): 8.2 years
- Change in time needed to save (2016 to 2026): 26 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 44.3 years
13. Connecticut
- April 2016 typical home value: $243,732
- April 2026 typical home value: $441,466
- Median household income
- 2016 median household income: $73,433
- 2026 median household income: $101,296
- Time needed to save at median household income (2026): 8.7 years
- Change in time needed to save (2016 to 2026): 25 months longer
- Minimum wage
- 2026 annualized minimum wage: $35,235
- Time needed to save at annualized minimum wage (2026): 25.1 years
14. Tennessee
- April 2016 typical home value: $163,763
- April 2026 typical home value: $334,075
- Median household income
- 2016 median household income: $48,547
- 2026 median household income: $75,920
- Time needed to save at median household income (2026): 8.8 years
- Change in time needed to save (2016 to 2026): 25 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 44.3 years
15. North Carolina
- April 2016 typical home value: $171,688
- April 2026 typical home value: $337,273
- Median household income
- 2016 median household income: $50,584
- 2026 median household income: $78,000
- Time needed to save at median household income (2026): 8.6 years
- Change in time needed to save (2016 to 2026): 22 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 44.7 years
16. Indiana
- April 2016 typical home value: $128,398
- April 2026 typical home value: $256,584
- Median household income
- 2016 median household income: $52,314
- 2026 median household income: $75,868
- Time needed to save at median household income (2026): 6.8 years
- Change in time needed to save (2016 to 2026): 22 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 34 years
17. Michigan
- April 2016 typical home value: $136,024
- April 2026 typical home value: $263,590
- Median household income
- 2016 median household income: $52,491
- 2026 median household income: $76,336
- Time needed to save at median household income (2026): 6.9 years
- Change in time needed to save (2016 to 2026): 21 months longer
- Minimum wage
- 2026 annualized minimum wage: $28,558
- Time needed to save at annualized minimum wage (2026): 18.5 years
18. Georgia
- April 2016 typical home value: $166,473
- April 2026 typical home value: $333,559
- Median household income
- 2016 median household income: $53,559
- 2026 median household income: $84,344
- Time needed to save at median household income (2026): 7.9 years
- Change in time needed to save (2016 to 2026): 20 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 44.2 years
19. Arizona
- April 2016 typical home value: $219,358
- April 2026 typical home value: $423,746
- Median household income
- 2016 median household income: $53,558
- 2026 median household income: $85,956
- Time needed to save at median household income (2026): 9.9 years
- Change in time needed to save (2016 to 2026): 20 months longer
- Minimum wage
- 2026 annualized minimum wage: $31,512
- Time needed to save at annualized minimum wage (2026): 26.9 years
20. Nebraska
- April 2016 typical home value: $151,338
- April 2026 typical home value: $279,080
- Median household income
- 2016 median household income: $56,927
- 2026 median household income: $80,548
- Time needed to save at median household income (2026): 6.9 years
- Change in time needed to save (2016 to 2026): 19 months longer
- Minimum wage
- 2026 annualized minimum wage: $31,200
- Time needed to save at annualized minimum wage (2026): 17.9 years
21. Ohio
- April 2016 typical home value: $127,813
- April 2026 typical home value: $244,844
- Median household income
- 2016 median household income: $52,344
- 2026 median household income: $76,180
- Time needed to save at median household income (2026): 6.4 years
- Change in time needed to save (2016 to 2026): 19 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 32.5 years
22. California
- April 2016 typical home value: $446,711
- April 2026 typical home value: $776,233
- Median household income
- 2016 median household income: $67,739
- 2026 median household income: $105,612
- Time needed to save at median household income (2026): 14.7 years
- Change in time needed to save (2016 to 2026): 18 months longer
- Minimum wage
- 2026 annualized minimum wage: $35,152
- Time needed to save at annualized minimum wage (2026): 44.2 years
23. Missouri
- April 2016 typical home value: $142,907
- April 2026 typical home value: $265,398
- Median household income
- 2016 median household income: $51,746
- 2026 median household income: $75,504
- Time needed to save at median household income (2026): 7 years
- Change in time needed to save (2016 to 2026): 18 months longer
- Minimum wage
- 2026 annualized minimum wage: $31,200
- Time needed to save at annualized minimum wage (2026): 17 years
24. Kentucky
- April 2016 typical home value: $125,569
- April 2026 typical home value: $232,231
- Median household income
- 2016 median household income: $46,659
- 2026 median household income: $68,068
- Time needed to save at median household income (2026): 6.8 years
- Change in time needed to save (2016 to 2026): 17 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 30.8 years
25. Florida
- April 2016 typical home value: $196,979
- April 2026 typical home value: $376,504
- Median household income
- 2016 median household income: $50,860
- 2026 median household income: $82,004
- Time needed to save at median household income (2026): 9.2 years
- Change in time needed to save (2016 to 2026): 17 months longer
- Minimum wage
- 2026 annualized minimum wage: $29,120
- Time needed to save at annualized minimum wage (2026): 25.9 years
26. New Mexico
- April 2016 typical home value: $174,734
- April 2026 typical home value: $317,474
- Median household income
- 2016 median household income: $46,748
- 2026 median household income: $71,500
- Time needed to save at median household income (2026): 8.9 years
- Change in time needed to save (2016 to 2026): 17 months longer
- Minimum wage
- 2026 annualized minimum wage: $24,960
- Time needed to save at annualized minimum wage (2026): 25.4 years
27. Wyoming
- April 2016 typical home value: $232,073
- April 2026 typical home value: $363,685
- Median household income
- 2016 median household income: $59,882
- 2026 median household income: $79,664
- Time needed to save at median household income (2026): 9.1 years
- Change in time needed to save (2016 to 2026): 17 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 48.2 years
28. South Carolina
- April 2016 typical home value: $163,923
- April 2026 typical home value: $305,174
- Median household income
- 2016 median household income: $49,501
- 2026 median household income: $76,284
- Time needed to save at median household income (2026): 8 years
- Change in time needed to save (2016 to 2026): 17 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 40.5 years
29. South Dakota
- April 2016 typical home value: $178,715
- April 2026 typical home value: $319,255
- Median household income
- 2016 median household income: $54,467
- 2026 median household income: $81,068
- Time needed to save at median household income (2026): 7.9 years
- Change in time needed to save (2016 to 2026): 16 months longer
- Minimum wage
- 2026 annualized minimum wage: $24,648
- Time needed to save at annualized minimum wage (2026): 25.9 years
30. Hawaii
- April 2016 typical home value: $533,475
- April 2026 typical home value: $830,219
- Median household income
- 2016 median household income: $74,511
- 2026 median household income: $106,236
- Time needed to save at median household income (2026): 15.6 years
- Change in time needed to save (2016 to 2026): 16 months longer
- Minimum wage
- 2026 annualized minimum wage: $33,280
- Time needed to save at annualized minimum wage (2026): 49.9 years
31. Kansas
- April 2016 typical home value: $134,162
- April 2026 typical home value: $246,369
- Median household income
- 2016 median household income: $54,935
- 2026 median household income: $79,664
- Time needed to save at median household income (2026): 6.2 years
- Change in time needed to save (2016 to 2026): 16 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 32.7 years
32. Minnesota
- April 2016 typical home value: $208,251
- April 2026 typical home value: $350,891
- Median household income
- 2016 median household income: $65,599
- 2026 median household income: $91,884
- Time needed to save at median household income (2026): 7.6 years
- Change in time needed to save (2016 to 2026): 15 months longer
- Minimum wage
- 2026 annualized minimum wage: $23,733
- Time needed to save at annualized minimum wage (2026): 29.6 years
33. Virginia
- April 2016 typical home value: $248,601
- April 2026 typical home value: $414,320
- Median household income
- 2016 median household income: $68,114
- 2026 median household income: $97,136
- Time needed to save at median household income (2026): 8.5 years
- Change in time needed to save (2016 to 2026): 15 months longer
- Minimum wage
- 2026 annualized minimum wage: $26,562
- Time needed to save at annualized minimum wage (2026): 31.2 years
34. Oklahoma
- April 2016 typical home value: $126,963
- April 2026 typical home value: $221,765
- Median household income
- 2016 median household income: $49,176
- 2026 median household income: $69,784
- Time needed to save at median household income (2026): 6.4 years
- Change in time needed to save (2016 to 2026): 14 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 29.4 years
35. Pennsylvania
- April 2016 typical home value: $167,302
- April 2026 typical home value: $286,387
- Median household income
- 2016 median household income: $56,907
- 2026 median household income: $81,796
- Time needed to save at median household income (2026): 7 years
- Change in time needed to save (2016 to 2026): 13 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 38 years
36. Oregon
- April 2016 typical home value: $291,792
- April 2026 typical home value: $501,661
- Median household income
- 2016 median household income: $57,532
- 2026 median household income: $89,856
- Time needed to save at median household income (2026): 11.2 years
- Change in time needed to save (2016 to 2026): 12 months longer
- Minimum wage
- 2026 annualized minimum wage: $29,224
- Time needed to save at annualized minimum wage (2026): 34.3 years
37. Vermont
- April 2016 typical home value: $232,440
- April 2026 typical home value: $394,227
- Median household income
- 2016 median household income: $57,677
- 2026 median household income: $87,256
- Time needed to save at median household income (2026): 9 years
- Change in time needed to save (2016 to 2026): 12 months longer
- Minimum wage
- 2026 annualized minimum wage: $29,994
- Time needed to save at annualized minimum wage (2026): 26.3 years
38. Illinois
- April 2016 typical home value: $173,121
- April 2026 typical home value: $290,210
- Median household income
- 2016 median household income: $60,960
- 2026 median household income: $87,776
- Time needed to save at median household income (2026): 6.6 years
- Change in time needed to save (2016 to 2026): 11 months longer
- Minimum wage
- 2026 annualized minimum wage: $31,200
- Time needed to save at annualized minimum wage (2026): 18.6 years
39. Iowa
- April 2016 typical home value: $141,866
- April 2026 typical home value: $234,891
- Median household income
- 2016 median household income: $56,247
- 2026 median household income: $79,612
- Time needed to save at median household income (2026): 5.9 years
- Change in time needed to save (2016 to 2026): 10 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 31.2 years
40. Colorado
- April 2016 typical home value: $321,332
- April 2026 typical home value: $543,271
- Median household income
- 2016 median household income: $65,685
- 2026 median household income: $102,440
- Time needed to save at median household income (2026): 10.6 years
- Change in time needed to save (2016 to 2026): 10 months longer
- Minimum wage
- 2026 annualized minimum wage: $31,533
- Time needed to save at annualized minimum wage (2026): 34.5 years
41. Texas
- April 2016 typical home value: $181,155
- April 2026 typical home value: $302,187
- Median household income
- 2016 median household income: $56,565
- 2026 median household income: $84,084
- Time needed to save at median household income (2026): 7.2 years
- Change in time needed to save (2016 to 2026): 9 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 40.1 years
42. Delaware
- April 2016 typical home value: $248,044
- April 2026 typical home value: $405,836
- Median household income
- 2016 median household income: $61,757
- 2026 median household income: $92,300
- Time needed to save at median household income (2026): 8.8 years
- Change in time needed to save (2016 to 2026): 9 months longer
- Minimum wage
- 2026 annualized minimum wage: $31,200
- Time needed to save at annualized minimum wage (2026): 26 years
43. Maryland
- April 2016 typical home value: $284,871
- April 2026 typical home value: $431,934
- Median household income
- 2016 median household income: $78,945
- 2026 median household income: $108,524
- Time needed to save at median household income (2026): 8 years
- Change in time needed to save (2016 to 2026): 9 months longer
- Minimum wage
- 2026 annualized minimum wage: $31,200
- Time needed to save at annualized minimum wage (2026): 27.7 years
44. Arkansas
- April 2016 typical home value: $134,157
- April 2026 typical home value: $222,300
- Median household income
- 2016 median household income: $44,334
- 2026 median household income: $65,520
- Time needed to save at median household income (2026): 6.8 years
- Change in time needed to save (2016 to 2026): 9 months longer
- Minimum wage
- 2026 annualized minimum wage: $22,880
- Time needed to save at annualized minimum wage (2026): 19.4 years
45. Alabama
- April 2016 typical home value: $141,213
- April 2026 typical home value: $236,705
- Median household income
- 2016 median household income: $46,257
- 2026 median household income: $70,304
- Time needed to save at median household income (2026): 6.7 years
- Change in time needed to save (2016 to 2026): 8 months longer
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 31.4 years
46. Alaska
- April 2016 typical home value: $280,295
- April 2026 typical home value: $390,107
- Median household income
- 2016 median household income: $76,440
- 2026 median household income: $100,880
- Time needed to save at median household income (2026): 7.7 years
- Change in time needed to save (2016 to 2026): 5 months longer
- Minimum wage
- 2026 annualized minimum wage: $27,040
- Time needed to save at annualized minimum wage (2026): 28.9 years
47. West Virginia
- April 2016 typical home value: $112,167
- April 2026 typical home value: $174,876
- Median household income
- 2016 median household income: $43,385
- 2026 median household income: $64,116
- Time needed to save at median household income (2026): 5.5 years
- Change in time needed to save (2016 to 2026): 3 months longer
- Minimum wage
- 2026 annualized minimum wage: $18,200
- Time needed to save at annualized minimum wage (2026): 19.2 years
48. Mississippi
- April 2016 typical home value: $133,508
- April 2026 typical home value: $194,242
- Median household income
- 2016 median household income: $41,754
- 2026 median household income: $62,348
- Time needed to save at median household income (2026): 6.2 years
- Change in time needed to save (2016 to 2026): 2 months less
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 25.8 years
49. North Dakota
- April 2016 typical home value: $227,816
- April 2026 typical home value: $286,406
- Median household income
- 2016 median household income: $60,656
- 2026 median household income: $82,108
- Time needed to save at median household income (2026): 7 years
- Change in time needed to save (2016 to 2026): 6 months less
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 38 years
50. Louisiana
- April 2016 typical home value: $183,116
- April 2026 typical home value: $214,727
- Median household income
- 2016 median household income: $45,146
- 2026 median household income: $64,324
- Time needed to save at median household income (2026): 6.7 years
- Change in time needed to save (2016 to 2026): 17 months less
- Minimum wage
- 2026 annualized minimum wage: $15,080
- Time needed to save at annualized minimum wage (2026): 28.5 years
* States are ranked by the change in time needed to save for a home down payment at median household income.
Methodology
The typical home value in each state in April 2016 and April 2026 was sourced from Zillow’s Home Value Index for all homes. Median household income for each state in 2016 was sourced from the U.S. Census Bureau’s American Community Survey 1-year estimates. For 2026, median household income was estimated by adjusting each state’s 2024 ACS 1-year median household income by national growth in the Employment Cost Index for private-industry wages and salaries from the 2024 annual average through the first quarter of 2026. Time needed to save for a home down payment was calculated as a point-in-time affordability estimate, using the typical home value and estimated household income in each respective year. The calculation assumes a 20% down payment and annual savings equal to 10% of income, and does not model changes in income, home values or accumulated savings over the course of a household’s saving period. For minimum wage workers, annual income was calculated using each state’s 2026 minimum wage, as recorded by the U.S. Department of Labor, multiplied by 2,080 hours. Source data providers are not affiliated with, and do not endorse or sponsor, this study or its findings.