A recent RealtyHop report highlights the U.S. cities with the lowest barrier to homeownership, making it easier for potential buyers to save for a 20% down payment. Detroit ranks first, where it takes only 2.53 years to save for a 20% down payment on a $100,000 home. This is possible due to the city’s affordable housing market and the median household income of $39,575. Cleveland, Ohio, follows with a 3.55-year savings timeline, with homes priced at around $139,000. Other cities with lower barriers include Baltimore, Buffalo, and Pittsburgh, where the savings timeline is also under four years.

In contrast, high-cost cities like New York City and Los Angeles present significant challenges. In New York, it takes roughly 10.85 years to save for a 20% down payment on a home costing $865,000. This demonstrates the impact of expensive real estate markets on homebuyers’ ability to save.

However, not all buyers need a full 20% down payment. Programs like FHA loans, USDA loans, and VA loans offer lower down payment options, making homeownership more attainable, even in pricier cities. Overall, these cities provide opportunities for prospective homeowners to reach their goals faster and more affordably.