Analysis shows how hard it is for Phoenix renters to afford starter home

By Kevin Stone | KTAR

PHOENIX – It’s getting much harder for metro Phoenix renters to put away enough money for a down payment on a starter home, according to a new analysis.

The average Phoenix-area renter would need more than 10 years of saving 10% of earnings to afford a 20% down payment for a typical starter home, Zillow reported Thursday.

That’s more than three years longer than it would have taken five years ago, according to a press release from the real estate website.

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