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Buyers Entering the Market Solo Struggle

Singles are facing more than 10 years of saving, assuming they make a 20 percent down payment on a median-priced property, an analysis by Zillow reveals. “Nearly two-thirds of Americans agree that buying a home is a central part of living the American Dream, but for unmarried or un-partnered Americans, that dream is increasingly out of reach,” says Aaron Terrazas, senior economist at Zillow. Having two incomes allows buyers to compete in higher-priced tiers where competition is not as stiff.” The challenge is intensified in markets with rising values, the report shows. Couples face 14 years of saving in San Jose, Calif.—already a haul—but for singles, that span stretches over 30 years. In San Francisco, Calif., couples can amass enough for 20 percent down in 12.6 years, but singles have a longer road, at 27.8 years. A handful of markets are more realistic for singles: Indianapolis, Ind. (7.5 years of saving); Cleveland, Ohio, and Detroit, Mich. (8 years); and St. Louis, Mo., and Pittsburgh, Pa. (8.1 years). Across the largest metros: Analysts assumed buyers are portioning off 10 percent of their income each year to savings. According to 2016 Census data, annual earnings were a median $80,800 for couples and $34,500 for singles. For more information, please visit www.zillow.com.