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

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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.

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