By AZ Business Magazine | AZ Big Media
QuoteWizard, a LendingTree company, and one of the nation’s leading online insurance marketplaces, released a new report tracking the growing disparity between housing costs and income. And, having the biggest impact on residents of the Grand Canyon state is the fact that researchers found Arizona homes to be the third-least affordable in the nation.
QuoteWizard’s team of housing market analysts found that the median price of a home is up nearly 70% ($129,000) in the last decade. Median income, however, is only up 30% (14,685) nationwide.
“Owning a home is supposed to be the American Dream. But with housing prices rising so much faster than income, you have to wonder if owning a home is still a reality for many people,” said Nick VinZant, Senior Research Analysts and Insurance Expert with QuoteWizard.