PHOENIX — Plenty of homes around the Phoenix metropolitan area might be for sale, but according to one online real estate database, nearly half of them are not affordable for the general public.
According to PhoenixBusinessJournal.com, Zillow Inc. believes that around 44 percent of all listings are unaffordable — a sizable percentage and one that is higher than the national average.
PBJ noted that Zillow breaks down affordability based on three different data sets: fourth-quarter median household income, fourth-quarter median list price and how much of a typical family’s household income was historically spent on mortgage payments during pre-bubble years (1985 to 2000).
Zillow determined about 56 percent of metro Phoenix listings are affordable because the typical buyer ($53,556 median income) purchasing the typical home ($187,900 median price) would spend less than 22.3 percent (historical pre-bubble figure) of their income on mortgage payments.
“As affordability worsens, we’re already beginning to see more of the kinds of worrisome trends we saw en masse during the years leading up to the housing crash,” Zillow Chief Economist Stan Humphries said in the report. “These include a greater reliance on non-traditional home financing, smaller down payments and a greater pressure to move further away from urban job centers in order to find affordable housing options.”
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier
- Three elements of a strong timeshare exit guarantee
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick