Cha-ching! Housing market in Phoenix ranks among cheapest nationwide
Mar 6, 2016, 4:05 PM | Updated: 4:53 pm
PHOENIX — A study found housing costs in Phoenix rivaled that of the national average and fell way below nearby cities such as San Francisco and Los Angeles, according to the Phoenix Business Journal.
An analysis conducted by mortgage research firm HSH.com found that housing costs in Phoenix rivaled that of the national average and fell way below nearby California cities such as San Francisco and Los Angeles.
The median market home price in Phoenix is $221,000, compared to the national average of $222,700. In order to afford the mortgage on the median home price, Phoenix residents would have to make more than $43,000 a year.
For Maricopa County households, the median household income is $53,689 per year, according to the U.S. Census Bureau.
Phoenix also ranked as the cheapest housing costs among major Western and Southwestern cities and was the 20th city for low housing costs out of 27 major markets.
Pittsburgh, Cleveland, Cincinnati, St. Louis and Detroit were found to be the cheapest housing markets while San Francisco, San Diego, Los Angeles, New York, Boston and Washington D.C. ranked among the most expensive.
