Here's How Long It Takes To Buy A First Home In Austin

AUSTIN, TX — The median age of a first-time homebuyer in the U.S. last year was 33 years old — a full three years older than a decade ago, according to a new report. The length of time is shorter in Austin, but not by much.

As more Americans delay homeownership, SmartAsset crunched the numbers to see how long it takes for the upfront costs of a home — down payment and closing costs — in the 15 largest U.S. cities.

While a 20 percent down payment is preferable — as it lowers the monthly home payment, avoids costly mortgage insurance and likely locks in the lowest available interest rate — many homeowners are putting less than that amount, SmartAsset researchers found. Consqueently, analysts uncovered the amount of time it would take to save for homeownership. To that end, researchers allowed for 10 percent and 20 down payments on a median-valued home as part of their calculus.

Chart courtesy of SmartAsset.

According to the findings, income after taxes and rent in Austin was calculated at $45,033. Estimated yearly savings for a first-time homeowner hopeful in the capital city was $18,013, researchers found. Upfront home costs in Austin were calculated at $40,681 and $77,231 with a 10 percent and 20 percent down payment, yielding 2.26 and 4.29 years until homeownership is achieved, respectively.

According to the findings — and as seen in the chart above — it takes far less time to achieve homeownership in other Texas cities as compared to Austin. Would-be homeowners in Fort Worth, San Antonio, Houston and Dallas can achieve this bit of the American Dream in less time than in the capital city, researchers found.

To learn more, read the full SmartAsset study.