Want to own a home? Be prepared to save for 10 years

According to Redfin.com, the median sale price of a home in the Tampa metro area has surged to nearly $360,000. That’s nearly a $100,000 jump in just two years, putting homeownership out of reach for more and more residents.

What might be even more shocking, however, is the amount of time it now takes to save up for a down payment for a home purchase. Tomo, a residential real estate fintech startup based in Austin, Texas, that recently expanded to Florida, has found that it will take 9.9 years for a typical homebuyer to squirrel away 20% of the cost of the dwelling they intend to buy.