WEST PALM BEACH, Fla. — Have you ever wondered how many days you'd have to work in Florida just to save a down payment for a home?
A new report by Leave the Key sheds some light on the question.
WATCH BELOW: The study looked at average state incomes and housing price
According to the report, Floridians who want to buy a home will have to work 1,782 workdays or approximately seven years and one month just to earn enough for a 10% deposit for a median-priced home calculated at $381,000.
The report found the hardest place to save for a home is Hawaii. Hawaiians would need to work approximately 221,008 workdays or 28 years and 10 months to save a deposit for a median-priced home of $846.600.
The study looked at average state incomes and housing prices. It was conducted by Long Island Homebuyers Leave the Key using information from the Bureau of Economic Analysis and US Census.
Below are the results from leavethekey.com's report:
Rank State Median House Value (2023) Average Monthly Income Cost of Deposit Time needed to work to afford a home deposit Days' worth of work needed to afford a home deposit Hours' worth of work needed to afford a home deposit 1. Hawaii $846,400 $4,857 $84,640 28 years, 10 months 7,240 57,923 2. California $725,800 $5,762 $72,580 10 years, 6 months 2,639 21,114 3. Utah $517,700 $4,670 $51,770 8 years, 5 months 2,119 16,951 4. Arizona $411,200 $4,691 $41,120 8 years, 4 months 2,085 16,677 5. (=) Georgia $323,000 $4,407 $32,300 7 years, 6 months 1,874 14,993 5. (=) Oregon $484,800 $4,886 $48,480 7 years, 6 months 1,874 14,988 7. Florida $381,000 $5,081 $38,100 7 years, 1 months 1,782 14,253 8. Nevada $441,100 $4,880 $44,110 6 years, 7 months 1,661 13,290 9. Idaho $428,600 $4,414 $42,860 6 years, 2 months 1,557 12,452 10. Delaware $359,700 $4,899 $35,970 6 years, 2 months 1,538 12,305
