Top U.S. Cities Where First-Time Buyers Succeed

A typical household in Warren, Michigan, can save for a median first-time homebuyer down payment in about three years, while Detroit requires nearly four years. In contrast, New York City demands over 65 years to save for a $265,000 down payment, with San Francisco and Los Angeles requiring 57 and 41.5 years, respectively. The disparity is due to higher home prices and larger down payment percentages in expensive cities.