In the last 20 years home values have gown nearly twice as fast as incomes: 98.6 percent for home, 52.6 percent for incomes. Not surprisingly then it is it taking longer and longer to save that 20 percent down payment.

These days it takes an average of 7 years to save for a down payment. This is undoubtedly why only 43 percent of would-be buyers say they using savings exclusively for down payments. The majority of buyers rely on other sources of money such as the sale of a previous home or gifts from family and friends.

To put things in perspective, the median household income is $118, 061 for the median price for a home is now $1,287,600 meaning it would take 22 years to come up with a 20 percent down payment!