In 2019, the typical Raleigh and Durham rental households would need to save for eight or nine years, respectively, to have enough money for a down payment and closing costs.
Seven years later, those timelines have nearly doubled.
According to an analysis from the Durham-based Center for Responsible Lending, a Raleigh household with an income of $67,812 would need to save 2.63% for 15 years to have $26,178. That’s enough for a down payment of $12,697 — 3.5% for a home costing $362,760 — and closing costs of $13,481…