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.
