Axios - It can now take more than a decade for a typical U.S. first-time buyer to afford the down payment on a modest house, ravaging American middle-class basics that have been in place for 75 years.
What's happening: The U.S. has a deepening housing crisis, including an acute shortage of "small, no-frills homes that would give a family new to the country or a young couple with student debt a foothold to build equity," The New York Times reports in a front-page story (subscription).
By the numbers: By the end of this year, it'll take 11.3 years for a first-time homebuyer with median income to save for a 10% down payment, S&P Global wrote in a July report, "The American Dream May No Longer Be In Reach" (registration required).
- It would take that would-be homeowner 22.6 years to save for a 20% down payment.
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