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Here's the percentage of people in Phoenix who can afford a home

Posted: 10:00 AM, Jul 31, 2019
Updated: 2019-07-31 13:00:08-04
House for sale, sold sign in front yard. No people.

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.

Read more from the Phoenix Business Journal.