PHOENIX — If you’re looking to buy a home in Phoenix, you’ll need to make about $40,000 per year on average, a study said.
Mortgage website HSH.com said homebuyers in the Phoenix area need to make a minimum of $40,658.08 per year to afford all costs associated with a home priced about $200,000, the median in the market.
The Phoenix metro area is the eighth most-affordable metro on our list yet again. Affordability conditions haven’t changed much in the Phoenix area.
The study assumed a 20 percent down payment will be made on the home.
The study said Pittsburgh was the most affordable place to purchase a home, requiring a salary of $31,716.32. It was followed by Cleveland, St. Louis, Cincinnati and Detroit.