Homeownership in the U.S. has declined since peaking at 69% in 2004, with fewer young people owning homes. Rising housing prices have significantly increased the time needed to save for down payments. In South Carolina, the average home price rose from $163,923 in 2016 to $305,174 in 2026, extending the saving period from 8 years to over 9 years despite income growth. Minimum wage stagnation means it could take over 40 years to save for a down payment at that wage. Several states have seen even larger increases in saving time.
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