As the sun beats down on the Arizona desert, the heat of the housing market gives residents a different kind of sweat. In Arizona, the road to homeownership is a long trek, stretching out over eight years for the average earner to save up a down payment on a median-priced home. This finding comes according to an analysis by Leave The Key, based on average monthly income and expenses across the state, as reported by Phoenix New Times . Arizona isn't alone in its plight, trailing behind Hawaii and California, where it takes 29 and 10.5 years, respectively, to gather enough for a home's down payment.

Not only are potential buyers grappling with time, but the financial challenges grow steeper when considering the household income needed to keep up with mortgage payments. Since 2020, the necessary household income has soared by 70%, requiring $122,000 annually to afford an Arizona median-priced home. Meanwhile, the average individual income in the state falls short at $56,293, pushing the dream of homeownership out of reach for many middle-class Arizonans. "This data shows how drastically the dream of homeownership varies across America," Ben Wagner, co-owner of Leave The Key, told Phoenix New Times .

Moving our focus to the more specific locale of Phoenix, the outlook shifts slightly. The real estate research firm RealtyHop has pinpointed the duration needed for Phoenix households to compile a home down payment, clocking in at just over six years for a $95,000 down payment. Phoenix ranks 36th out of the 100 most populous cities in terms of the barrier to homeownership, presenting fewer hurdles compared to other cities like Los Angeles, which requires a marathon 14.10 years of saving. These metrics provided by RealtyHop reveal insights into the varying challenges that American cities face on the path to owning a piece of the American Dream, as reported by AZ Big Media .

Coastal cities, haunted by rising premiums due to climate change and the high cost of living, continue to present formidable obstacles, with six California cities sitting sternly in the top 10. On the brighter side, the average Phoenix family navigates a more attainable route compared to their coastal counterparts.