It takes renters on average of six and one-half years to save a 20% down payment to buy a home. If a buyer puts down 20%, then they do not have to pay private mortgage insurance. According to an article appearing in Florida Realtors the median home price in the United States is $216,000. A 20% down payment would be $43,200. If a person saves 20% of their income each month (which is the amount experts recommend) it would take about six and one-half years to save up the down payment, assuming that the buyer does not have other funds in savings already.