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.