ARIZONA NEWS

Phoenix ranks among major US cities where residents are most ‘house rich’

Nov 26, 2023, 5:45 AM

Several cities in metro Phoenix made the list of "house rich" cities. (Photo provided by Angelo Fra...

Several cities in metro Phoenix made the list of "house rich" cities. (Photo provided by Angelo Fratantoni)

(Photo provided by Angelo Fratantoni)

Phoenix is ranked No. 10 among the major U.S. cities that are the most “house rich,” according to a study by All Star Homes.

Cities considered “house rich” are places where home ownership is dominant and homes are relatively affordable compared to the local median income.

Using data from the U.S. Census Bureau, Pennsylvania-based All Star Homes found that Phoenix has a 56.1% rate of owner-occupied housing.

According to the U.S. Census Bureau’s most recent data — from 2017 to 2021 — the median home value of owner-occupied houses in Phoenix is $277,700.

The median home value is different from the median home sale price, which is around $440,000, according to real-time data from The Cromford Report.

The median household income is $64,927, which gave Phoenix a 4.28 home-value-to-income ratio on the study. Nationwide, that ratio is 3.33.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Phoenix ranks among major US cities where residents are most ‘house rich’