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.
