Metro Phoenix is getting more expensive for homebuyers.
By Christianna Silva | Phoenix
Metro Phoenix, once a haven of affordable housing for folks fleeing rising realty prices, is sliding down the list of the most affordable big U.S. cities for homebuyers.
According to the city’s latest ranking from national mortgage industry expert HSH.com, a typical Valley homebuyer needs to earn more than $56,000 a year to afford a median-priced home of about $272,700. Compare that to last year, when a homeowner would need to earn about $49,000 a year.
Phoenix still sits in the top 20 most affordable U.S. cities to buy a home, but just barely: It’s number 20. In previous years, it was in the top 10.
Elliott Pollack, a real estate consultant in Scottsdale, says that while Phoenix is becoming less affordable, which will be tough on prospective homebuyers in the near future, the cities that pushed Phoenix lower on the list aren’t competitors.
