By Point2 | AZ Big Media
How long does it take to save for a down payment on a home? More than the average life expectancy if you’re a Gen Z buyer in Irvine, Calif., but just around two years if you’re a higher-earning Gen X buyer in some large Midwest cities. Analyzing income and home price data for the 100 most populous U.S. cities, saving for the standard 20% down payment for a median-priced home would take between two and 94 years — depending on whether you’re a Baby Boomer, Gen X, Millennial or Gen Z homebuyer. That said, determining the most affordable cities is important in the current housing market.
In the Phoenix metro area, Mesa and Gilbert are the most affordable cities and the most accessible cities for the younger home seekers (Gen Z-ers and Millennials), while Scottsdale is the most prohibitive, regardless of generation:
Scottsdale: Having the biggest down payment of the Phoenix metro cities we looked at, Scottsdale is the most prohibitive city for all generations. Here, Gen Z-ers would need 11.7 years to save for a down payment, while Older Baby Boomers are looking at 9.5 years.