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E M A I L U S AT N E W S T I P S @ A R I Z O N A R E P U B L I C . C O M O R C A L L U S AT 6 0 2 - 4 4 4 - N E W S ( 6 3 9 7 )
SAVINGS SQUEEZE Millennials caught between rising rents and affording down payment for purchase
MALLORY PRICE/ USA TODAY, AND GETTY IMAGES
any Millennial renters in metro Phoenix want to buy a home. But they can’t afford a 20 percent down payment, and it will take them more than a decade to come up with it, according to a new survey. It's no revelation that Millennials are caught between rising rents and home prices. Just ask any young Valley renter who is trying to save to buy. The Apartment List survey says it will take a Valley Millennial 13 years to save for a 20 percent down payment. That number shocked me, as well as the Millennials I talked to. Adrian Zaragoza, 29, who rented in downtown Phoenix for a few years before buying a condo in Portland on the Park in March, thinks his friends and peers
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CATHERINE REAGOR REAL ESTATE
can come up with the down payment faster than the time the survey specified. He opted to go with a smaller down payment than 20 percent, something many other Millennials can do as well. “I made the decision to utilize a low-down option in order to continue with my savings and investment goals,” Zaragoza told me. “I am meeting many individuals my age that are equally savvy with their finances.” He drove an older car with no payments for the past decade to partly save for his down payment. The bright spot in Apartment List’s research is that See REAGOR, Page 6R
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PERFECTION! Nestled in an intimate gated community, this MLS# - 5600465 spectacular semi-custom home wraps you in luxury from the Bedrooms - 4 moment you arrive. Soaring 12' ceilings, sunny dual-pane Bathrooms - 4 windows, natural stone floors, plantation shutters, clerestory Pool - Yes windows throughout. The professional eat-in kitchen wows with slab granite, rich Alder and stainless appliances. Light and bright, Sq. Ft. - 3,568 the grand living room features a tremendous tray ceiling and wall Parking - 3-car of windows. The family room is warm and welcoming with a Lot Size - 12,360 sq. ft. double sided fireplace. A true desert oasis, the beautiful back yard ZIP Code - 85259 entices you with its heated pool, lush flora and expansive covered patio. So much is new: A/C, roof, solar-and-gas pool heater and Online Pics - ThoseCallaways.com water heater. – Joseph Callaway Price - $799,900
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PARADISE VALLEY | 7516 North Clearwater Parkway | Open Today 1–5PM
VIEW-RICH HILLSIDE HIDEAWAY. Brimming with views, MLS# - 5590590 views and more views, this stunning multi-level home begins Bedrooms - 4 with an expansive driveway that gently ascends until it reaches Bathrooms - 5.5 this big, bold beauty’s custom steel-and-wood front door. Grand Pool - Yes foyer w/gorgeous wide-stepped staircase, tall wall of large angled windows framing magnificent Camelback Mountain views just Sq. Ft. - 4,817 beyond. Family room w/vaulted ceiling, huge wall of windows and ZIP Code - 85253 doors that dapple the floors w/natural light. Chic contemporary kitchen. Posh master bath w/sauna, romantic slipper-tub nestled Online Pics - BaldwinTeam.com Price - $1,415,000 in mountainside alcove. Plush media room. Shimmering infinityedge pool overlooking urban mountains, glittering city lights. Casita. Visit tourfactory.com/1761267. More info inside.
Brought to you by Sandra Baldwin and Kyle Caldwell, Launch Real Estate
see more inside AR-0008662545-01