April 20, 2024 1:49 am
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Tucson, Phoenix see worst change in property affordability in world

Photo by Dhyamis Kleber from Pexels

By AZ Business Magazine | AZ Big Media

New research about property affordability from Online Mortgage Advisor has revealed where in the world property prices have outgrown local wages the most in the last five years.

Researchers compared the difference in square meters — one square meter equals about 10.7639 square feet — of property that a person earning the average annual net salary in each city could afford to buy in 2020 compared to 2016. Researchers also compared what percentage of a person’s salary is spent on rent between those two time periods.

Using the latest insights from the property market in January 2021, the study have also revealed what percentage of homes in each U.S. state and city a local person can afford right now.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.