How long do you need to save to buy a home in Arizona?

In the last five years, the amount of money you need to buy a home in Arizona has skyrocketed. But now that owning a home in Arizona is expensive, how does the quest to own a home here compare to other states across the country?

Using data from the Bureau of Economic Analysis and the 2023 American Community Survey, Long Island-based real estate company Leave The Key attempted to answer that. In a new analysis, the firm ranked states by how long it would take average earners to save up money to buy a median-priced home.

To compile that ranking, Leave The Key used the average monthly income for each state and subtracted monthly expenses like rent, food, utilities and more. It then used what was left to calculate how long it would take to save enough for a 10% down payment on a median-priced house. This approach obviously doesn’t account for changes over time in metrics like income and home prices, but it offers a decent snapshot of housing affordability.

The top dogs on the list are unsurprising. In the tropical paradise of Hawaii, where the median home price is $846,000, residents making an average income have to save for just about 29 years to afford a 10% down payment. In California, that figure is 10.5 years for a median home price of nearly $726,000.

Arizona isn’t far behind, though, with the fourth-longest time to save up for a down payment. To afford a deposit on a $411,200 house, residents making an average income must save up for eight years and four months. If you’re looking to get into a house quickly, head to Wyoming, where the average income gets you a median-priced home in just less than two years.

Another recent study found that to afford a median-priced Arizona home requires a household income of $122,000 a year to afford mortgage payments. Since 2020, that’s an increase of 70%. Before the pandemic, the household income needed to afford a median-priced home was about $72,000.

Considering the average individual income in Arizona is just $56,293, according to Leave The Key’s study, that puts home ownership out of reach for many in the middle class. Notably, Leave The Key uses just a 10% down payment for its analysis, which would mean a higher mortgage payment compared to the standard 20% down. Perhaps it’s no surprise that a recent survey found more than a fourth of respondents were considering leaving the state because of high housing costs.

"This data shows how drastically the dream of homeownership varies across America,” Leave The Key co-owner Ben Wagner said in a press release. “For prospective homebuyers in high-cost states, these findings might prompt considerations about relocation or alternative paths to homeownership, such as starting with smaller properties or exploring areas with growing economies but still affordable housing markets.”

Here are the 10 states where Leave The Key found that saving for a home would take the longest.

1. Hawaii — 28 years, 10 months
Median home price: $846,400

2. California — 10 years, 6 months
Median home price: $725,800

3. Utah — 8 years, 5 months
Median home price: $517,700

4. Arizona — 8 years, 4 months
Median home price: $411,200

Tie-5. Georgia — 7 years, 6 months
Median home price: $323,000

Tie-5. Oregon — 7 years, 6 months
Median home price: $484,800

7. Florida — 7 years, 1 month
Median home price: $381,000

8. Nevada — 6 years, 7 months
Median home price: $441,100

Tie-9. Delaware — 6 years, 2 months
Median home price: $359,700

Tie-9. Idaho — 6 years, 2 months
Median home price: $428,600