How Long to Save for a Home in Phoenix, AZ
Median home price, average rent, and a personalized savings timeline for Phoenix, updated 2026-Q1.
Median Home Price
$430,000
Average Rent
$1,700/mo
Median Income
$68,000/yr
5yr Price Growth
+38%
Calculate for Phoenix
Monthly investment
$500Down payment
Down Payment Scenarios in Phoenix
| Scenario | Down Payment | With Bricks | Savings Acct |
|---|---|---|---|
| 3.5% FHA | $15,050 | 2.3 years | 2.5 years |
| 10% Down | $43,000 | 5.8 years | 7.1 years |
| 20% Down | $86,000 | 9.6 years | 14 years |
Save for a home in Phoenix faster
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Buying a Home in Phoenix, Arizona
Phoenix is one of the West's largest metro areas with a population of 1,640,000. The median home price of $430,000 is near the national average.
With average rent at $1,700/month, a renter in Phoenix investing $500/month into diversified REITs could accumulate a 20% down payment of $86,000 in approximately 9.6 years. The same monthly contribution in a traditional savings account would take about 14 years.
Home prices in Phoenix have grown 38% over the past five years, outpacing the national average. For renters, this means the down payment target continues to move, making it even more important to invest rather than just save, so your money grows alongside home prices.