Phoenix Home Prices Still Outpacing Wage Growth
A new report shows some good news and bad news for homebuyers.
Favorable mortgage rates made buying a home a little more attainable nationwide in the last quarter of 2019, according to the property value analysis from Attom Data Solutions. But the average-priced home is still out of reach for the average wage earner in the Phoenix area.
In more than three-quarters of the country, home prices are still outpacing any growth in wages. That includes Maricopa County, where home prices rose more than 8% and wages grew only about 3%, according to the report.
“While there may be lots of jobs out in the Phoenix area, you’re going to get that influx of people moving out there, so there’s going to be more competition in the housing market," said Jennifer von Pohlmann with Attom.
There may be some relief for buyers ahead, von Pohlmann said. Home prices here are rising so fast, she expects they could start to level out or decline over the next few years.