How long would it take to save up for a down payment on Phoenix home?

PHOENIX — It will take more than eight years for a first-time home buyer in the Phoenix area to save enough money to put a down payment on a home, a recent report found.

The RealEstate.com report found that a first-time buyer in the Phoenix area would need to save for eight years and four months before reaching a 20 percent down payment on a starter home.

The report took into account the annual income among millennial households ($43,000), annual savings among millennial households ($5,375), median home value for a single-family home ($224,300) and how much a 20 percent down payment on that home would be ($44,860).

And while that seems like a long time, Phoenix was among the cities with shorter amounts of time to save up for a 20 percent down payment on an entry-level home.

In comparison, it would take a first-time home buyer in Portland more than 13 years to put a down payment on a home in the area.

“Contrary to popular belief, millennials want to buy homes, but high home prices, low inventory and stagnant wage growth are some of the many factors that may be driving would-be buyers into delaying homeownership,” Justin LaJoie with RealEstate.com said in a statement.

“However, in certain U.S. housing markets first-time buyers can find some relief; they just need to know where to look.”

The metropolitan area that had the shortest amount of time to save up for a down payment on a home was Chicago, where potential home buyers would need about three years to save a 20 percent down payment on the typical starter home.

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