KJZZ is a service of Rio Salado College,
and Maricopa Community Colleges

Copyright © 2024 KJZZ/Rio Salado College/MCCCD
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations
News

Study: Median new home price in AZ out of reach for 74% of households

It is no surprise that housing prices and rent have been on the rise in Arizona. According to a  study from the National Association of Home Builders, the median new home price in the state is about $464,413, which is out of reach for about 74% of Arizona households. 

In order to afford that, household salaries would have to be $102,987.

228,128 more households were priced out of affording median priced houses compared to  a year ago.

The annual Priced-Out Estimates report studies how many people would not be able to afford a house if the median price rose by $1,000. It takes into account loans and mortgage rates compared to monthly expenses.

Median house prices in Arizona have risen by $50,000 since February of last year, when the previous study was done. 

The state remained more than $50,000 above the national average.

Tags
Greg Hahne started as a news intern at KJZZ in 2020 and returned as a field correspondent in 2021. He learned his love for radio by joining Arizona State University's Blaze Radio, where he worked on the production team.