Homeownership: is it still worth it?

COACHELLA VALLEY, Calif. (KESQ) - A new study suggests the path to homeownership is getting longer for many Californians.

According to a report from SmartAsset, the average Californian now needs nearly 14.7 years to save for a down payment on a home — about a year and a half longer than it took a decade ago. For minimum wage workers, that timeline stretches to more than 40 years, highlighting the growing affordability challenges facing prospective buyers.

Despite rising home prices and higher mortgage interest rates, financial experts say buying a home may still be a worthwhile long-term investment, depending on a person's financial situation and goals.

News Channel 3 spoke with Simon Hobbs, Wealth Advisor with California Financial Partners, about whether homeownership is still attainable, if renting can sometimes make more financial sense, and whether buyers should wait for interest rates to fall before entering the market.

Stay with News Channel 3 for the latest updates.