According to Zillow data, Miamians will need an average of 13 years to save for a 10% down payment on a typical home in the area. In Florida, the average time is 11.8 years, based on saving 5% of the median household income each month.

The National Association of Realtors (NAR) reports a record-low share of first-time buyers due to inventory shortages and affordability concerns. Additionally, the median age of first-time buyers has increased from 33 to 36 in the past year. The challenge of ...