Phoenix residents work for 4 years to earn enough for down payment
Jun 19, 2018, 8:34 PM
(AP Photo/Marcio Jose Sanchez, File)
(AP Photo/Marcio Jose Sanchez, File)
PHOENIX — It takes more than four years for a potential home buyer to earn enough money to make a down payment on a home in Phoenix, a recent report found.
(Courtesy photo)
The report from SmartAsset found that, with a median household income of $52,062 in Phoenix, it would take 4.10 years to afford a down payment on a home with the median value of $213,300.
Moving out of the city did not get much easier: The report also found that it would take about 3.99 years to afford a down payment on a Mesa home, which has a median value of $209,600.
“It’s so important with personal finance and decisions like this to really run the numbers, see what it is for you. It’s going to be different for any individual,” AJ Smith with SmartAsset told KTAR News 92.3 FM.
“While you should probably start saving for your down payment long before you are seriously looking at buying a home, it’s a good idea to know how much home you can afford.”
While four years seems like a lot of time to put into a down payment for a Valley home, it was nothing compared to our neighbors in California.
The report found that it would take more than 10 years — 10.9 years, to be exact — to make enough money to put a down payment on a home in Los Angeles.
San Francisco, New York, Oakland and Long Beach, California followed shortly behind the list.
KTAR News 92.3 FM’s Kathy Cline contributed to this report.
