New data show home affordability at its lowest level since 2008. The latest analysis by ATTOM Data Solutions shows median home prices are rising faster than wages.
ATTOM’s report says the national median price of a single family home in the second quarter of 2017 was $253,000. In Maricopa County, it was $239,900.
The company’s analysis finds average wages have not kept up with rising home prices. Nationwide, buying a median priced home required 31.8 percent of average wages while in Maricopa County it required 33.7 percent. The average monthly house payment in the Valley was more than $1,434.
ATTOM reports the least affordable quarter for Maricopa County was the second quarter in 2006 when the median sales price was $258,500. The most affordable was the third quarter in 2011 when the Valley’s median sales price was $111,200.
