Arizona now one of 10 least affordable states for homebuyers, new data shows
Mar 8, 2024, 4:00 PM
New data shows home affordability is not what it used to be in metro Phoenix. (Jim Poulin/Phoenix Business Journal)
(Jim Poulin/Phoenix Business Journal)
Long known for affordable housing, Arizona is now among the top 10 list of least affordable states, according to data compiled by BestBrokers.
The study found that the median U.S. home price reached $408,428 last year, while national income per capita stood at $68,786 as of the third quarter. This equates to the median house costing about six times more than the average salary nationwide.
Arizona ranks No. 9 on the list of least affordable states to buy a home, according to the report.
Arizona’s 2023 median home value of $428,492, or 6.9 times the income per capita of $62,091, according to the study.
This is a wake-up call, highlighting the critical shortage of skilled trades like electrical, plumbing and framing, said Chris Morrison, founding partner with Retsy | Forbes Global Properties.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
