America’s Housing Squeeze: Black Families Need 21 Years to Save For a Home

He Could Spend 16 Years Saving for His First Home. A $50,000 401(k) Loan Offers a Shortcut, Then Puts His Retirement at Risk

The post He Could Spend 16 Years Saving for His First Home. A $50,000 401(k) Loan Offers a Shortcut, Then Puts His Retirement at Risk appeared first on 24/7 Wall St.. An NPR report found that a median-income renter household now needs 16 years to save for a down payment and closing costs. That is twice as long as it took in 2019. Take a hypothetical 50-year-old renter with $500,000 vested in his 401(k). If he follows that timeline, he buys his f…

America’s Housing Squeeze: Black Families Need 21 Years to Save For a Home

By Charlene Crowell As costs for gas and groceries continue to rise, the life-long goal of homeownership that builds family wealth is also at severe risk. And once again, historic racial disparities play a prominent role. It now takes 16 years for renters earning a median income of $58,000 to save for a down payment […]