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
Invest this % of your rent ($1,700/mo)
Down payment
Down Payment Scenarios in Phoenix
| Scenario | Down Payment | With Bricks | Savings Acct |
|---|---|---|---|
| 3.5% FHA | $15,050 | 5.8 years | 6.5 years |
| 10% Down | $43,000 | 12.4 years | 15.3 years |
| 20% Down | $86,000 | 18.6 years | 24.8 years |
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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 10% of their rent ($170/month) into diversified REITs could accumulate a 20% down payment of $86,000 in approximately 18.6 years. The same monthly contribution in a high-yield savings account would take about 24.8 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.