New ranking says Arizona now among least affordable states to buy a house
Arizona Republic
Arizona has a median home price of $428,492 and a median income of $62,091, making it the ninth-least affordable state in which to buy a home. A home costs roughly 6.9 times the median annual salary, no thanks to rising prices and high interest rates, which are around 6.9 percent. In 2021, nearly 63 percent of homes sold in the Valley were affordable for those earning the area median income compared to only 22% during the fourth quarter of 2023. Bestbrokers.com compiled the study based on data from Redfin, the U.S. Census Bureau and the Bureau of Labor Statistics.
