New research finds 68 percent of housing markets are not affordable for average wage earners.
ATTOM Data Solutions compared the median home price from the first quarter of this year with average wage data from the U.S. Bureau of Labor Statistics.
Using a 30-year fixed rate mortgage and a down payment of three percent, ATTOM determined a buyer in Maricopa County would need to make $65,288 a year. That’s $13,067 more than the average wage of $52,221.
Home price appreciation outpaced wage growth in 83 percent of markets, including Maricopa County where the median home price in the first quarter was $248,000.
Coconino County (Flagstaff) was the least affordable of Arizona counties where the median sales price was $310,000. ATTOM found the annual income needed to buy a median price home was $83,586 compared to the average annual wage of $41,951.
The only Arizona county labeled as "affordable for average wage earners" was Cochise (Bisbee), in the southeastern corner of the state. The median home was priced at $140,000 which ATTOM said required an annual income of $39,808. The average wage in Cochise County was listed as $44,304.
