Looking for a new home but concerned about the long savings time for a down payment? You're not alone, especially if you're a first-time homebuyer navigating today’s tough market. With factors like rising home prices and significant student debt affecting many, particularly millennials, saving up can seem daunting. However, according to a recent report by RealtyHop, some cities are more accommodating than others.
Here are the top five cities in 2025 where you can save money more quickly and buy a home sooner.
1. Detroit, MI: Number 1 in Home Affordability
Detroit, Michigan, is the city with the lowest barrier to homeownership. Here, where the average household income is $39,575, and with homes having a median price of just $100,000, families can save up enough for a down payment in just 2.53 years. Detroit's real estate market benefits from economic revitalization which has attracted new businesses and improvements in local infrastructure. The city's affordable housing market coupled with a commitment to urban renewal makes it an attractive option for first-time homebuyers looking for value and potential growth.
The community focus in neighborhoods like Midtown Detroit is bringing a new wave of restaurants, shops, and cultural institutions, enhancing the living experience and property values. For those interested in the historical aspects, areas such as the Boston-Edison District offer beautifully preserved homes that reflect Detroit’s rich architectural history.
2. Cleveland, Ohio: Cost-Effective Urban Living
Cleveland, Ohio, offers an appealing mix of affordable housing and vibrant urban life. With an average annual saving of $7,837, a family can prepare a down payment for homes priced around $139,000 in approximately 3.55 years. Cleveland's housing market is bolstered by strong cultural sectors and a revitalized downtown area that appeals to young professionals and families alike.
In neighborhoods like Tremont and Ohio City, residents enjoy a thriving arts scene and easy access to some of the city's best dining and entertainment options. The presence of major healthcare and education employers also provides stability to the local economy, making Cleveland not just an affordable place to live but also a city with ample job opportunities.
3. Baltimore, Maryland: A Growing Market
In Baltimore, Maryland, the economic and cultural revival is helping reduce the homeownership barrier. Families here, with a median income of $59,623, need about 3.77 years to save $45,000 for a down payment. Baltimore’s diversity in both its economy and community provides a dynamic backdrop for residents and potential homebuyers.
Baltimore is known for its beautiful harbor, historic neighborhoods, and as a hub for science and engineering professions. With continued investments in community development and housing, Baltimore is becoming increasingly favorable for those looking to buy their first home.
4. Buffalo, New York: Improved Accessibility
Buffalo, New York, is becoming more accessible for homebuyers. The median list price for a home is now $182,200, and with household incomes averaging $48,050, the time needed to save for a down payment has decreased to just 3.79 years. Buffalo's growth is supported by its educational institutions and emerging tech industries.
The city's focus on economic development and quality of life improvements can be seen in neighborhoods like Elmwood Village and the Waterfront, which are drawing new residents thanks to their blend of affordability, cultural amenities, and community-focused living.
5. Pittsburgh, Pennsylvania: Steady Economic Conditions
Pittsburgh, Pennsylvania, rounds out our list with its steady economic growth and consistent cost of living. The median family income here is $64,137, allowing for a down payment to be saved in about 3.82 years. Pittsburgh's transformation from an industrial hub to a center for healthcare, education, and technology showcases its resilience and appeal as a place to settle down.
Neighborhoods such as Lawrenceville and Shadyside not only offer great housing options but also a vibrant cultural scene, making Pittsburgh a desirable city for individuals and families looking to buy their first home.
These cities are great options for anyone looking to buy a home without waiting years to save up a down payment. Each city offers unique opportunities and lifestyles, making them attractive to a wide range of homebuyers. Whether you're a first-time buyer or considering moving to a new city, these areas provide excellent opportunities for quick and affordable homeownership.
At 14 Days To Close, we help homebuyers find the right mortgage solutions and get them moving in less time than the industry average - regardless of what state they're living in. Our experts are here to help you understand your options and guide you through the homebuying process.