Report ranks Arizona 36th in nation in prosperity

Feb 9, 2018, 10:39 AM
The housing bubble that shook builiders also hit many homeowners who bought at the peak of the boom...
The housing bubble that shook builiders also hit many homeowners who bought at the peak of the boom and found themselves quickly "underwater" on their mortgages. (Photo by BasicGov/Creative Commons)

PHOENIX – Arizona ranked 36 out of the 50 states and the District of Columbia for its residents’ “ability to save and build wealth,” according to Prosperity Now’s 2018 scorecard released earlier this week.

This is the state’s best ranking in the study, which became an annual occurrence in 2012.

Prosperity Now – formerly the Corporation for Enterprise Development, a national nonprofit based in Washington, D.C. – developed its scorecard based on five areas: Financial assets and income; businesses and jobs; homeownership and housing; health care and education.

Arizona’s highest grade was a “B” for prosperity in the homeownership and housing category, placing the state 16th overall.

Jeff Sibbach, leader of the Sibbach Team, a real-estate agency in Scottsdale, said the Arizona housing market still is battling the effects of the downturn from 2008 to 2012.

“We’re still on the road to recovery,” Sibbach said. “But the market is very healthy for the majority of people.”

Despite its overall health, Sibbach said the lower end of the marketplace is still recovering because it is suffering from a low supply.

“As the average (home) price in Arizona continues to rise, there’s hyper demand for the lower end of the marketplace,” Sibbach said. “We’re at a four-year low for inventory.”

Arizona’s scores in the homeownership and housing category represent both the best and worst rankings in any of the report’s five areas.

For example, Arizona ranked third-lowest in foreclosure rates and 50th-highest in high-cost mortgage loans.

In the other areas, Arizona received a “C” for financial assets and income, a “D” for businesses and jobs, a “D” for education and an “F” for health care.

Lifetime Windows & Doors

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

(Attorney General Mark Brnovich's Office Photo)...

Man sentenced to 6.5 years in prison for trafficking methamphetamine in Arizona

A man was sentenced to six and a half years in prison for his role in trafficking methamphetamine in Arizona, officials said. 
1 day ago
(Phoenix Police Department Photo)...

Weekend wrap-up: Here are the biggest Arizona stories from Sept. 23-25

Police find more fentanyl, Scottsdale tells HOAs they can't require overseeding and these Phoenix restaurants were highlighted this week.
1 day ago
(AP Photo/Eduardo Munoz Alvarez)...

Honduras man charged with high-speed flight from Arizona immigration checkpoint

An 18-year-old man from Honduras was charged with high-speed flight from an immigration checkpoint last week, authorities said. 
1 day ago
FILE - Family members and friends march seeking justice for the missing 43 Ayotzinapa students in M...
Associated Press

The role the Mexican Army had in the 2014 disappearance of 43 students

The Mexican army’s role in the disappearance of 43 college students and its links to organized crime are at the center of a case.
1 day ago
Tania Estudillo Hernandez. (El Mirage Police Department Photo)...

Woman in El Mirage arrested for managing human smuggling operations

A woman was arrested Friday evening for her role in a human smuggling operation based in El Mirage, authorities said.
1 day ago
(Pixabay Photo)...

Phoenix police shoot, kill man throwing rocks at patrol car

Phoenix police are investigating an officer-involved shooting after a man throwing rocks at a patrol car died Saturday evening.
1 day ago

Sponsored Articles

Children’s Cancer Network

Children’s Cancer Network celebrates cancer-fighting superheroes, raises funds during September’s Childhood Cancer Awareness Month

Jace Hyduchak was like most other kids in his kindergarten class: He loved to play basketball, dress up like his favorite superheroes and jump as high as his pint-sized body would take him on his backyard trampoline.
(Courtesy Condor)...
Condor Airlines

Condor Airlines shows passion for destinations from Sky Harbor with new-look aircraft

Condor Airlines brings passion to each flight and connects people to their dream destinations throughout the world.
Day & Night Air Conditioning, Heating and Plumbing

Most plumbing problems can be fixed with regular maintenance

Instead of waiting for a problem to happen, experts suggest getting a head start on your plumbing maintenance.
Report ranks Arizona 36th in nation in prosperity