Buying a home has always required patience and planning, but a new study suggests the finish line keeps moving further away for many would-be homeowners in Florida and Georgia.
A SmartAsset analysis of home values and household incomes found that median-income households in both states now need significantly more time to save for a 20% down payment than they did a decade ago — and for minimum-wage earners, homeownership may feel nearly out of reach.
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How the study works
SmartAsset analyzed typical home values in each state in 2016 and 2026 and compared them with median household income to estimate how many years of savings would be required to afford a 20% down payment. The study assumes households set aside 10% of their annual income each year. The analysis also estimates how long a minimum-wage earner would need to save, based on each state’s current minimum wage.
It’s worth noting the estimate is a point-in-time affordability measure and does not account for income growth or investment returns during the saving period.
Florida: Nearly a decade of saving
Florida’s rapid rise in home values has made the path to ownership noticeably steeper. The typical Florida home was worth $196,979 in April 2016. By April 2026, that figure had nearly doubled to $376,504.
Median household income in Florida grew during that same period, climbing from $50,860 in 2016 to $82,004 in 2026. But that income growth wasn’t enough to keep pace with rising home prices.
As a result, a median-income household in Florida now needs 9.2 years to save for a down payment — 17 months longer than in 2016.
For minimum-wage earners, the picture is far more difficult. Based on Florida’s 2026 annualized minimum wage of $29,120, a minimum-wage worker would need 25.9 years to save enough for a 20% down payment on a typical Florida home.
Georgia: Faster-rising prices, longer savings timeline
Georgia tells a similar story, with home values climbing sharply over the past decade. The typical Georgia home jumped from $166,473 in April 2016 to $333,559 in April 2026 — essentially doubling in value.
Median household income in Georgia rose from $53,559 in 2016 to $84,344 in 2026. Despite that growth, the income gains weren’t enough to offset surging home prices.
A median-income household in Georgia now needs 7.9 years to save for a down payment — 20 months longer than in 2016.
Georgia’s minimum wage, however, tells a starkly different story than Florida’s. Based on Georgia’s 2026 annualized minimum wage of $15,080 — roughly half of Florida’s — a minimum-wage worker in the state would need 44.2 years to save enough for a 20% down payment.
The bigger picture
Florida and Georgia are not alone in facing this challenge. Nationally, the SmartAsset study found that rising home prices are outpacing wage growth in most states, stretching savings timelines across the country.
Coastal states face the steepest climb. Median-income households in Hawaii need 15.6 years to save for a down payment, followed by California at 14.7 years and Massachusetts at 12 years. Idaho saw the largest increase in time needed, with median-income buyers now facing an 11.2-year savings timeline — up three years and four months from 2016.
On the other end of the spectrum, West Virginia has the nation’s lowest down payment burden, with a median-income household needing just 5.5 years to save. Three states — Mississippi, North Dakota and Louisiana — actually saw their savings timelines shrink, as income growth outpaced home-price growth.
Nationally, saving for a down payment on a minimum wage is essentially out of reach. Even in Missouri, the most favorable state, a minimum-wage earner would need 17 years to save. In Utah, that timeline exceeds 70 years.