Study: Median new home price in AZ out of reach for 74% of households

Published: Wednesday, March 23, 2022 - 11:10am
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It is no surprise that housing prices and rent have been on the rise in Arizona. According to a study from the National Association of Home Builders, the median new home price in the state is about $464,413, which is out of reach for about 74% of Arizona households. 

In order to afford that, household salaries would have to be $102,987.

228,128 more households were priced out of affording median priced houses compared to a year ago. 

The annual Priced-Out Estimates report studies how many people would not be able to afford a house if the median price rose by $1,000. It takes into account loans and mortgage rates compared to monthly expenses.

Median house prices in Arizona have risen by $50,000 since February of last year, when the previous study was done. 

The state remained more than $50,000 above the national average.

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