Durham Renters Face 17 Years to Save for Home

Analysis finds Durham renter households need about 17 years of saving to afford a down payment and closing costs.

Updated on Nov. 2, 2026 in Residential

Row of modest mid-century brick duplexes with small front stoops on a tree-lined street, warm late-afternoon light across the facades. — Renters in Durham would need about 17 years of saving to afford a down payment and closing costs, up from eight or nine years in 2019. AI Illustration. Upload story photo >

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Durham renter households would need 17 years, saving 2.63% of income, to accumulate $25,924 for a down payment and closing costs, according to an analysis of local rental households. In 2019, Raleigh and Durham renters needed eight or nine years for the same purpose.

Why it matters

Rising home prices and mortgage rates have stretched the savings timeline for renters in the Triangle, with wages not keeping pace with housing costs. The gap affects many Millennials and Gen Zers who are also paying student loans and debt.

A Durham down payment is $12,564 and closing costs are $13,360, based on a 3.5% down payment rate required by the Federal Housing Administration. The 30-year fixed mortgage now averages 7.24%, up from 3.78% in late October 2019.

The details

The analysis assumes a 2.63% savings rate and a 3.5% FHA down payment. A Raleigh household earning $67,812 would need 15 years to reach $26,178, while Durham's median renter income supports the 17-year figure.

2019: Raleigh and Durham renters needed eight to nine years to save.
Late October 2019: The 30-year fixed mortgage averaged 3.78%.
2019 to 2026: Raleigh renter median household income rose $21,796.

Market Context

The FHA's 3.5% minimum down payment makes entry possible with less upfront cash, yet Durham renters still face a 17-year savings timeline. The gap reflects rising prices and mortgage rates since 2019.

Durham renters planning a purchase may need to save for well over a decade or adjust budgets and timelines. Higher mortgage rates now average 7.24% compared with 3.78% in 2019, increasing monthly costs for buyers.

The takeaway

Durham renters may benefit from tracking mortgage rates and starting savings early, since the gap between income and home prices has widened significantly.