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?

MORE NEWS: The 10 fastest-growing housing markets in Arizona

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