Average Americans Spend 5 Years Saving to Buy First Home: Survey

A new Home Buyer Report issued on June 10 by IPX 1031 found that the average American has to save for five years to buy their first home. The survey of more than 1,000 Americans across the country also indicated that 56 percent feel confident that now is the right time to buy, based on projected mortgage rates from Freddie Mac, now in the high 6 percent range.

Respondents to the survey, conducted in May, were divided equally between male and female, and had an average age of 39. In addition to savings, many of those surveyed are also planning to use money from a second job or family support to make their home purchase a reality.