A new national housing affordability report has confirmed something many renters already know: the possibility of owning a home is moving further out of reach for many renters across America.
Becoming a new homeowner is especially challenging for households in several major U.S. metros — including Houston — where it now takes over a decade to save enough money for a down payment on a starter home.
These findings were unveiled in a new study from The Julian Bond Institute for Financial Equity Research (JBI), a nonprofit research branch of the Center for Responsible Lending (CRL). The report comes as a result of its Project 2050 Survey that analyzed "Americans' financial aspirations across generations and racial groups and the obstacles they encounter in achieving them."
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