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