Thursday, September 28, 2023 4:34 am

Buying a house in Tucson getting tougher as prices keep going up and wages lag

Home prices were up sharply in the first quarter and mortgage rates on their way to cracking five percent. Kelly Presnell/Arizona Daily Star

Tucson’s economy is expected to post healthy gains in jobs, population and income next year, but it’s getting tougher to afford a home here.

Housing affordability is declining as home prices outpace inflation and income growth, University of Arizona economists said Wednesday at an annual forecast breakfast.

Income growth has been slow across the nation, Arizona and Tucson during the recovery from the Great Recession, falling to an annual range of 2 to 3 percent since 2010 from a range of 4 to 5 percent before the recession took hold, said George Hammond, director and research professor at the UA Eller College of Management’s Economic and Business Research Center.


Share this!

Additional Articles

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories