Here Is The Savings Needed To Buy A Home In Arizona: 2024 vs. 1970 | Living In Phoenix Arizona
HERE IS THE SAVINGS NEEDED TO BUY A HOME IN ARIZONA: 2024 VS. 1970
LIVING IN PHOENIX, ARIZONA
Here Is The Savings Needed To Buy A Home In Arizona: 2024 vs. 1970
23% of Americans have no savings at all, and an additional 17% have less than $500 saved, according to the latest GOBankingRates survey data. For those who dream of owning a home, what is the savings needed to buy a home in 2024?
To help address this critical savings issue, GOBankingRates is publishing a series of research and educational content throughout this month in honor of National Savings Day on October 12th.
This includes an exclusive survey and study uncovering the savings needed to buy a home in Arizona. More specifically, we ranked each state based on how much the savings needed has increased between 1970 (when many Boomers bought a first home) and 2024.
Please note all figures are in 2024 dollars to account for inflation.
- Our findings show Arizona had the 13th largest cost increase of any state in the country.
- Savings needed for a 20% down payment in 2024: $87,871
- Savings needed for a 20% down payment in 1970: $26,314 (adjusted for 2024 dollars)
The Savings Needed To Buy a Home: Millennials vs. Boomers
One of the toughest savings challenges for Americans is the rising cost of homeownership in recent decades. The savings needed for millennials to buy a first home is drastically different than boomers, even when adjusting for inflation.
In a new analysis, GOBankingRates uncovered how much savings was needed to buy a home in 1970, when many boomers bought their first homes, versus 2024. Each state’s 1970 home value (not adjusted for inflation) was sourced and the amount of savings was then determined for a 20% down payment in 1970 (also not adjusted for inflation) and in 1970 dollars. Using Zillow to find the 2024 home value in each state, GObankingRates found the same figures adjusted for inflation and in 2024 dollars. The savings needed to afford a 20% down payment was then calculated for all 50 states.
Key Findings
- Nationwide, the savings needed for a 20% down payment has increased by around $45,000 for homeowners, when adjusted for inflation. In 1970, homeowners needed $3,400 for a 20% down payment on the average home, compared to $71,688 in 2024. Without adjusting for inflation, this is an increase of more than $68,000.
- On the statewide level, the savings needed for a 20% down payment increased by more than $100,000 in Hawaii and California, when adjusted for inflation.
- Buyers purchasing a home in Florida in 1970 needed $24,215 (in 2024 dollars) for a 20% down payment. In 2024, this amount is $83,244. That’s a difference of $59,028, more than triple the amount of savings needed in 1970.
Below are the 15 states that are the most expensive, and require significant savings, to buy a home in 2024:
1. Hawaii
- Home value in 1970 (not adjusted for inflation): $35,100
- Home value in 1970 (in 2024 dollars): $283,316
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $56,663
- Home value in 2024 (in 2024 dollars): $971,644
- Savings needed for 20% down payment (2024): $194,329
- Difference needed from 1970 to 2024 at 20% down: $137,666
2. California
- Home value in 1970 (not adjusted for inflation): $23,100
- Home value in 1970 (in 2024 dollars): $186,456
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $37,291
- Home value in 2024 (in 2024 dollars): $783,233
- Savings needed for 20% down payment (2024): $156,647
- Difference needed from 1970 to 2024 at 20% down: $119,355
3. Massachusetts
- Home value in 1970 (not adjusted for inflation): $20,600
- Home value in 1970 (in 2024 dollars): $166,277
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $33,255
- Home value in 2024 (in 2024 dollars): $638,221
- Savings needed for 20% down payment (2024): $127,644
- Difference needed from 1970 to 2024 at 20% down: $94,389
4. Washington
- Home value in 1970 (not adjusted for inflation): $18,500
- Home value in 1970 (in 2024 dollars): $149,326
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $29,865
- Home value in 2024 (in 2024 dollars): $599,937
- Savings needed for 20% down payment (2024): $119,987
- Difference needed from 1970 to 2024 at 20% down: $90,122
5. Colorado
- Home value in 1970 (not adjusted for inflation): $17,300
- Home value in 1970 (in 2024 dollars): $139,640
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $27,928
- Home value in 2024 (in 2024 dollars): $554,704
- Savings needed for 20% down payment (2024): $110,941
- Difference needed from 1970 to 2024 at 20% down: $83,013
6. Utah
- Home value in 1970 (not adjusted for inflation): $16,800
- Home value in 1970 (in 2024 dollars): $135,604
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $27,121
- Home value in 2024 (in 2024 dollars): $526,498
- Savings needed for 20% down payment (2024): $105,300
- Difference needed from 1970 to 2024 at 20% down: $78,179
7. Oregon
- Home value in 1970 (not adjusted for inflation): $15,400
- Home value in 1970 (in 2024 dollars): $124,304
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $24,861
- Home value in 2024 (in 2024 dollars): $502,915
- Savings needed for 20% down payment (2024): $100,583
- Difference needed from 1970 to 2024 at 20% down: $75,722
8. New Hampshire
- Home value in 1970 (not adjusted for inflation): $16,400
- Home value in 1970 (in 2024 dollars): $132,376
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $26,475
- Home value in 2024 (in 2024 dollars): $496,107
- Savings needed for 20% down payment (2024): $99,221
- Difference needed from 1970 to 2024 at 20% down: $72,746
9. Montana
- Home value in 1970 (not adjusted for inflation): $14,000
- Home value in 1970 (in 2024 dollars): $113,004
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $22,601
- Home value in 2024 (in 2024 dollars): $466,044
- Savings needed for 20% down payment (2024): $93,209
- Difference needed from 1970 to 2024 at 20% down: $70,608
10. New Jersey
- Home value in 1970 (not adjusted for inflation): $23,400
- Home value in 1970 (in 2024 dollars): $188,878
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $37,776
- Home value in 2024 (in 2024 dollars): $541,083
- Savings needed for 20% down payment (2024): $108,217
- Difference needed from 1970 to 2024 at 20% down: $70,441
11. Idaho
- Home value in 1970 (not adjusted for inflation): $14,100
- Home value in 1970 (in 2024 dollars): $113,811
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $22,762
- Home value in 2024 (in 2024 dollars): $452,272
- Savings needed for 20% down payment (2024): $90,454
- Difference needed from 1970 to 2024 at 20% down: $67,692
12. Rhode Island
- Home value in 1970 (not adjusted for inflation): $18,200
- Home value in 1970 (in 2024 dollars): $146,905
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $29,381
- Home value in 2024 (in 2024 dollars): $469,057
- Savings needed for 20% down payment (2024): $93,811
- Difference needed from 1970 to 2024 at 20% down: $64,430
13. Arizona
- Home value in 1970 (not adjusted for inflation): $16,300
- Home value in 1970 (in 2024 dollars): $131,569
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $26,314
- Home value in 2024 (in 2024 dollars): $439,357
- Savings needed for 20% down payment (2024): $87,871
- Difference needed from 1970 to 2024 at 20% down: $61,558
14. Maine
- Home value in 1970 (not adjusted for inflation): $12,800
- Home value in 1970 (in 2024 dollars): $103,318
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $20,664
- Home value in 2024 (in 2024 dollars): $400,648
- Savings needed for 20% down payment (2024): $80,130
- Difference needed from 1970 to 2024 at 20% down: $59,466
15. Florida
- Home value in 1970 (not adjusted for inflation): $15,000
- Home value in 1970 (in 2024 dollars): $121,075
- Savings needed for 20% down payment in 1970 (in 2024 dollars): $24,215
- Home value in 2024 (in 2024 dollars): $416,218
- Savings needed for 20% down payment (2024): $83,244
- Difference needed from 1970 to 2024 at 20% down: $59,028 – more at azbigmedia.com