Phoenix Rents, Home Prices Rising Faster Than Wages
A new report shows rents and home prices are rising faster than wages in Maricopa County.
Research from ATTOM Data Solutions finds it’s cheaper to rent than buy in metro Phoenix, but both options require larger chunks of paychecks.
ATTOM reports fair market rent for a three-bedroom is $1,574, compared to $1,467 last year.
The median home price in the fourth quarter of 2017 was $265,000, compared to $250,000 during the fourth quarter of 2016.
ATTOM reports a house in Phoenix requires 39.2 percent of average wages in the fourth quarter of 2017, compared to 37.3 percent in the fourth quarter of 2016.
On the rental side, ATTOM says a three-bedroom requires 36.8 percent of average wages this year compared to 34.9 percent in 2017.
ATTOM’s research found average weekly wages were $986 in the second quarter of 2017 compared to $970 in the second quarter of 2016.
While wages increased 1.6 percent, rental prices increased 7.3 percent and home prices increased 6 percent.
RELATED: What is a high-wage job?