New data from the National Association of Home Builders finds that about three in four households in Arizona would struggle financially to purchase a median-priced home in the state.
The study looks at new median home prices across the country along with interest rates and incomes to determine what share of households are priced out of the market. National numbers are telling. Almost 70%, 87 million households across the US would be over-extended if purchasing a home at the median price of $412,505. Today, only 2.9 million US households are above the income threshold recommended to purchase a house valued over $1.55 million.
There is some fluctuation amongst the state’s metro areas that were looked at. The Tucson metro had the highest median value of any metro at $526,703. At that level, more than 86% of households in the metro could not afford a home. The situation was a little better in smaller metro areas. Both the Sierra Vista area and the Yuma metro area had median values of under $300,000. In Sierra Vista, 55% of households did not have an income to support the median-valued home. While still a majority, the region had one of the best ratios in the country. Only 20 other metro areas had a smaller share of priced out households.
The study also shows that interest rates play a big role on who is priced out. At the current rates of about 3.5%, households need an income of just under $100,000 to buy that median-valued new U.S. home. A one-point increase in the rates change the recommended income to $108,782. A two-point increase and the necessary household income goes to $118,878.
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