A family making the median income in the Valley would need a hefty raise to afford a typical home, according to a new report by online real estate platform Zillow.
In fact, they would need to earn $22,500 more than they’re making now, Zillow said — and that’s with a $91,000 down payment.
Zillow’s analysis examined median incomes in cities across the nation, comparing them with median home prices on homes purchased with a 20% down payment. The report determined affordability based on whether the monthly mortgage payment amounts to no more than 30% of household income.
In the Phoenix metro, Zillow found the median home price is $456,834 and determined that the median income is $90,936. That means the typical monthly mortgage payment after a 20% down payment is $2,386, costing 31.4% of the median income.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
