Why New Jersey Home Prices Are Out Of Reach For Couples

You might not want to read this. It might just make you give up.

Young couples trying to buy a home in New Jersey today have so much going against them.

The low inventory of homes for sale is still wreaking havoc for buyers. Bids are outbid, prospective homes are lost, home inspections are waived, and it's all been enough to make a couple feel like they're never going to be able to start their lives here. And that's all once they're finally ready to start looking.

What a home costs in New Jersey

The median cost of a single-family home in the Garden State is now just over $560,000. Which has led to a scary statistic that floored me.

Five Star Cash Offer researched average monthly incomes along with monthly spending and home prices to calculate which states take the longest to save up for a house.

The length of time it would take on average to save up enough for a 10% down payment in New Jersey is just staggering.

With an average yearly income of $81,840, it would take nine years and 10 months to save up a 10% down of $56,183.

Imagine it taking nearly a decade to save up what's needed to even realistically look for a home, then once you start looking you're disappointed with every turned down offer.

Worst states to save up for a down payment

As bad as it is here, we're not even in the top 10. We came in at 11th place on this depressing list.

Who has it the worst? California. There, it takes 15 years and 10 months to save up the necessary money down. Let's throw in earthquakes and mudslides while we're waiting.

The state that takes the least time to save up enough of a down payment to buy a home is West Virginia. Four years and 5 months.

Good luck, future New Jersey buyers. I'm sorry you've been handed this prison sentence.