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Top 5 cities where a down payment is least affordable

Housing has become so expensive that it can take nearly a decade for people to save up for a 20% down payment, according to a recent survey by SmartAsset. A recent survey by RealEstate.com highlights the cities where it will take first-time homebuyers the longest to save for a 20% down payment on an entry-level home. Using data from the U.S. Census Bureau and the Bureau of Labor and Statistics, it looked at the 35 biggest metro areas and ranked them according to down payment affordability. The survey took into account median household income for buyers age 24 to 36 and annual savings rates for renters in each city, and here are the cities it found to be the least affordable: Portland, Oregon Annual family income (24- to 36-year-olds): $42,3000 Annual savings: $5,288 Median home value, entry level: $342,200 20% down payment: $69,440 Years to save: 13 years, 2 months Denver, Colorado Annual family income (24- to 36-year-olds): $47,100 Annual savings: $5,888 Median home value, entry level: $365,600 20% down payment: $73,120 Years to save: 12 years, 5 months San Jose, California Annual family income (24- to 36-year-olds): $94,900 Annual savings: $18,980 Median home value, entry level: $1,133,100 20% down payment: $226,620 Years to save: 11 years, 11 months Riverside, California Annual family income (24- to 36-year-olds): $47,600 Annual savings: $5,950 Median home value, entry level: $306,200 20% down payment: $61,240 Years to save: 10 years, 4 months Miami-Fort Lauderdale, Florida Annual family income (24- to 36-year-olds): $41,900 Annual savings: $5,238 Median home value, entry level: $269,500 20% down payment: $53,900 Years to save: 10 years, 3 months