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Question: Can a U.S. worker earning the minimum wage be able to afford to buy a home? The answer is: Yes, but it will take a lot of time to save for a down payment.

A new study by Salt Lake City-based BadCredit.org compared Zillow home prices over the past year to minimum wages in every state. The study determined that it minimum wage workers started saving 10% of their paycheck at age 18, they could afford an 8% down payment in roughly 23.1 years at age 41 – a feat that would require 4,809 hours of work. In comparison, salaried workers making the median income could achieve the same milestone in 5.1 years.

Minimum wage earners in Utah have the longest haul to homeownership – the study found it would take 34.1 years to afford a down payment; on a median income, the same goal is met in 6.5 years. In comparison, Illinois’ minimum-wage workers could save in 8.6 years, while those in West Virginia, Arkansas, and Missouri workers can save for a down payment in less than 10 years.

“The findings are a sobering reminder of the financial hurdles that low-income earners face in achieving the American Dream of homeownership,” said Jon McDonald, senior editor at BadCredit.org. “While we’re seeing increases in minimum wage, such as the recent rise for California’s fast-food workers, these steps are often insufficient to bridge the gap in high-cost housing markets.”

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