PHOENIX — A new report has found Maricopa County is one of the least affordable home ownership locations in America.
With a median home price of $328,400 and a median income of $33,812, houses across the Valley are, by and large, no longer affordable for people who already live there, according to an analysis by personal finance website MoneyGeek.
MoneyGeek analyzed changes in homeownership costs, home price appreciation and median incomes from 2019 to 2022 to reveal 26 counties in the U.S. where it says the housing market is no longer affordable. Of the 26 markets, 20 of them were in the western half of the country.
Maricopa County — encompassing the overwhelming majority of residents and homes across the Phoenix metro — came in at No. 24 in the report, which found that housing prices in the Valley are 42.7% higher than they were three years ago, and home costs as a percentage of income are 61%.
Read more of this story from the Phoenix Business Journal.