Housing Affordability Rises across all Arizona Metros

Across the nation and in all Arizona metro areas, housing became more affordable in the first quarter of 2023. Overall, 45.6 percent of families earning the U.S. median income could afford a new or existing home, up from 38.1 percent in the fourth quarter of 2022. However, only 34.3 percent of households in the Phoenix area could afford a home, even though prices only inched up 3.4 percent from Q4 2022 to Q1 2023 and were down 4.5 percent year-over-year in March. And building permits were down significantly for single-family homes and multifamily projects of five or more units in Phoenix. In Tucson, permits were down across all housing sectors, but housing affordability was strong; 46.8 percent of families earning the U.S. median income could buy there in Q1 2023.

Source: https://azbigmedia.com/real-estate/housing-affordability-rises-across-all-arizona-metros/