Phoenix Homebuyers Need $118,462 Income to Afford Median Home as Only 26% of Listings Qualify
Updated
Updated · The Arizona Republic · Aug 12
Phoenix Homebuyers Need $118,462 Income to Afford Median Home as Only 26% of Listings Qualify
1 articles · Updated · The Arizona Republic · Aug 12
Summary
$118,462 a year is the income Redfin says a household needs to afford a median-priced home in metro Phoenix, with that buyer still spending 37% of monthly income on a mortgage.
That threshold is 2% lower than a year ago, but it remains above Redfin’s affordability benchmark, which assumes buyers spend no more than 30% of income and put 15% down.
Only 26% of homes listed in metro Phoenix are affordable at that income level, showing buyers have some options but still face a tight market.
Nationally, households need about $110,000 to afford a median-priced home, while the typical household earns $87,599 and would have to devote 38% of income to a mortgage.
The national affordability gap has narrowed to $22,197 from $28,834 two years ago as wages and home prices have risen at similar rates, though affordability remains near record highs.