PHOENIX — Just over 60% of people in Phoenix earn enough to afford to buy a home, according to a new study.
The regional housing affordability study from John Burns Real Estate Consulting LLC found that 60.8% of Valley residents can afford an entry-level home with a 5% down payment.
That is a few percentage points lower than the region's historical median of 68%, the study found.
The study defines an entry-level home as a property priced at 20% below the area's median home price.
