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Tom York on Business: Buyers Must Save 7.5 Years for a Typical San Diego Home

House for sale in La Mesa. Photo by Chris Stone

It takes just over 7.5 years to save up for a down payment to purchase a home in the San Diego area, according to a new study from financial information website SmartAsset.

The date for this study comes from the Census Bureau’s 2018 American Community Survey, so it may be lagging in terms of what’s happening and doesn’t account for the recent huge run-up in housing prices nationwide, particularly in California.

But it’s interesting, nevertheless.

The study looked at how long it takes to save a down payment for a typical home in 15 of the largest U.S. cities, as well as a wider list of 100 smaller cities. And it assumes that those with an average household after-tax income of $5,000 could save up $18,000 a year.

Over that 7.5-year period, household savers would accumulate $196,000 for a 20% down payment. The period is less — just under four years — to come up with a 10% down payment.