What’s the Wait Time for First-Time Buyers in Arizona?

A new study has ranked U.S. states based on the difficulty first-time homebuyers face when trying to enter the housing market.
Arizona ranks #7 overall (tied), making it one of the seventh hardest states for first-time buyers to afford a home.
The median home value in Arizona is $403K, with a typical down payment of $58K (14.4% of the home price).
On average, it takes 5.5-yr for buyers in Arizona to save enough for a down payment.
The study assumes buyers rent a 2-bedroom home and save 30% of their income to estimate the time needed to afford a down payment.