November 5, 2024 2:09 pm
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It could take millennials decades to afford a home (See how long in PHX, LA, NY)

Mike Sunnucks | Phoenix Business Journal

It could take the average millennial almost 12 years to afford a home in Phoenix. It could take them more than 32 years to afford a down payment in Los Angeles and more then two decades to squirrel away enough money for a down payment in Silicon Valley, San Francisco and New York.

That is according to a new report on millennials and home buying by real estate firm Abodo.com.

The Wisconsin-based company looked at millennial homeownership percentages and how long it would take the average young adult making the median income for their age group to save enough for a 20 percent down payment in various U.S. markets.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.