Home Prices Are Sky-High in California and New York — But People in Another State Have to Save the Longest to Buy Soaring mortgage rates amid inflation have kept prospective buyers across the U.S. at bay.

Eighty-four percent of consumers believe it's a bad time to buy a house, according to the Fannie Mae Home Purchase Sentiment Index released last month. Between surging home prices amid the pandemic and soaring mortgage rates in response to inflation now, it's little wonder why.

Of course, certain U.S. cities offer more affordable housing options. Although home prices have spiked at more than double the rate of income, prospective buyers can find some of the best deals in Youngstown, Ohio and Syracuse, New York, where the median list price is $149,900 and $217,250, respectively, per a Realtor.com study.

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But hopeful homeowners in many other places are contending with sky-high prices — the median sale price is $786,500 in California and $770,000 in New York — and subsequently longer savings timelines to afford to buy.

SelfStorage.com, a site that compares the cost of storage options nationwide, conducted a study to see how those savings timelines vary across the U.S.

The study looked at the median household income of renters and fair market rent costs from the National Low Income Housing Coalition (NLIHC) for each state. It relied on the 50/30/20 rule, which suggests people spend 50% on needs, 30% on wants and 20% on savings, to determine the length of time it takes to save for a 10% deposit on a home.

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Despite boasting some of the highest home prices in the U.S., neither California nor New York claimed the No. 1 spot — that went to Massachusetts, where it takes renters nearly a decade to save enough for a 10% down payment according to the 50/20/30 rule.

Here's the complete list from SelfStorage.com: