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Saving for a down payment can take decades for minimum-wage workers

The upfront cost of homeownership can be a difficult prospect even for households with higher income levels. A study released Wednesday by personal finance website illustrates that, in some states, it’s next to impossible for minimum-wage workers.

To calculate the amount of time it takes minimum-wage workers to save for a down payment, the company analyzed Zillow‘s median values for single-family homes and condominiums from May 2023 through April 2024. It then correlated this data to the minimum wage in each state, according to the U.S. Department of Labor. assumed an 8% down payment — which is details ⇒

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