November 17, 2024 7:46 pm
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Phoenix in top 10 for buyers affording homes

7. Phoenix | 30-year fixed mortgage rate: 3.97 percent. | Median home price: $235,600. | Monthly payment: $1,071.33. | Salary needed: $45,913.96.
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By Catherine Reagor | The Republic

Rising home prices and interest rates didn’t knock metro Phoenix off a new top 10 list of most affordable big cities for homebuyers.

The Valley ranked No. 7, up a spot from last year, on a list from national mortgage research firm HSH.com.

A homebuyer needs to earn about $46,000 to afford a median-priced home in the Phoenix area.

That’s up about $1,785 from a year ago due to a more than 6 percent jump in Valley home prices and a 0.4 percent increase in interest rates.

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