Would-be homebuyers in the U.S. will have to save up for an extra year before taking the plunge, thanks to pandemic-era price gains.

For the typical American, it would take eight years of stashing away 10% of monthly income to build up enough for a 20% down payment — up from seven years before COVID-19 ignited a homebuying frenzy, according to a study by Tomo, a real estate startup.

For many renters hoping to become buyers, scraping together a down payment has always been a challenge. Now the hurdles have gotten higher as bidding wars for a tight supply of listings push prices ever further out of reach. The share of existing-home purchases by first-time buyers declined to 29% last month, the lowest level since 2019, the National Association of Realtors said this week.

The people who save for a down payment “are the people who can,” Skylar Olsen, chief economist at Tomo, said in an interview. “Folks who have a lot of rent burdens tend to save nothing, and there’s always a fairly sizable share of the population who have a pretty substantial rent burden.”

The areas with the highest years-to-save timelines are Los Angeles, with 19.2; San Francisco, with 17.9; and San Jose, with 18.2, according to the Tomo study. In New York, it would take 11.9 years to save for a down payment.