November 22, 2024 1:13 am
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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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