Cities Where It's Hardest and Easiest to Buy a Home

Home ownership is still the American dream for many. In fact, homeowners have a median net wealth that's nearly 75 times greater than renters, according to the U.S. Census Bureau. 

But for lower and middle income households, it's becoming increasingly hard to meet the 20% down payment usually required to buy a home. RealtyHop took an in-depth look at how many years it takes to save up for a home in the top 150 most populated cities in the U.S. 

These are the top five cities where it takes the longest time to be able to afford a home and the top five cities with the shortest times.

Related: Buying a home? Ignore This Outdated Advice

In this oceanside city, it would take a buyer who is making approximately $71,150 some 10.54 years to cover the 20% down payment for a $750,000 home, which is the median cost. 

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It's not shocking to see the Big Apple on this list. If you're a New Yorker with a median household income of $70,663, it would take 12.45 years to save up a 20% down payment for a home, based on a formula of buyers saving 20% of their income each year. The median list price for home is $880,000.

Related: 30 Signs You're a New Yorker

The study found that for a Miami family making a median income of $47,860, it would take 12.49 years for them to be able to buy a home in the area where the median list price is $598,000.

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It's not a surprise Los Angeles is up there on the list, as homes have a median listing price of $940,000 (and this even seems low). It would take homebuyers 13.47 years to make a 20% down payment of $188,000 if they're at the median income of $69,778. 

This West Coast city scores as basically the most impossible place to buy a home. 

The median listing price is a cool $1,125,000. The survey estimates average buyers would need to spend 15.10 years saving for the 20% down payment of $225,000 if they're at the median income of $71,150.

At the other end of the housing spectrum, the Hoosier State made the top five easiest cities to buy a home with this city known for its many churches and parks. The median household income for Fort Wayne is $53,978. With a median home asking price of $169,000, it would take 3.13 years to save for a home.

The Midwest makes the top five again, as it typically would take 2.97 years for families to have the down payment for the median list price of $125,000 here with a median income is $42,129. 

Ohio makes the top five twice with this city on Lake Erie. Toledo homebuyers on average will need to save for 2.83 years to afford a 20% down payment on a $118,000 home with a median income level of $41,671.

Kansas is another top place to go for affordable housing. Homes here go for a median price of $150,000. The average family in Wichita with income of $56,374 will need to spend about 2.66 years saving for the $30,000 down payment. 

The Motor City wins as the easiest city to save up for a house. If a family makes a median salary of $34,762, they can expect to spend 2.56 years saving for a down payment. The median home listing price in this city is $88,900.