🤔Thinking of Buying, Selling or Moving to Phoenix, AZ?🌵 📱 Call or Text: 480-747-4427 📨 Email: heidi@thelugos.com 📅 Book a Zoom Chat: calendly.com/heidi_littleton/discovery-call
In phoenix, the minimum income required to purchase a home is about $125,000/year. The average combined income is about $70,000/year. Basic math shows it’s impossible for the majority of people to afford unless they have a giant down payment, which most people do not, or are paying cash.
Thanks! I don't disagree that the minimum income is quite high. Two points: we do have some affordable housing options, especially in the West Valley that don't require that high of an income. Our median family income in AZ is actually $99k (in 2022) and I foresee this increasing as more high paying jobs move to Phoenix. Hopefully this increase in income as well as rates coming down will allow our housing to be more affordable than it is now (25% can afford median home price).
@@heidilittleton the income may be arguably a little higher depending on the age group. But even if we use the $90k/year number, that’s still not enough to be able to afford the average priced home in Arizona. It’s about $30k/year short of the income you should have when purchasing a home around the price of Arizonas average house. According to rocket mortgage the average selling prices are around $430,000. If you have $80,000 as a down payment you would still be shy about $20,000ish a year of income needed to afford a home that price. Considering the majority of people don’t normally have $80,000 down payments, that means they would need to make about $125,000/year. Add all the other additional inflated prices of goods and services there is now such as groceries, gas, car payments, car insurance, health insurance, utilities, internet service, phone bills, unexpected hospital bills, ect.., it’s simply just not possible for people to even barely scrape by on $90,000 with a $430,000 mortgage.
🤔Thinking of Buying, Selling or Moving to Phoenix, AZ?🌵
📱 Call or Text: 480-747-4427
📨 Email: heidi@thelugos.com
📅 Book a Zoom Chat: calendly.com/heidi_littleton/discovery-call
In phoenix, the minimum income required to purchase a home is about $125,000/year. The average combined income is about $70,000/year. Basic math shows it’s impossible for the majority of people to afford unless they have a giant down payment, which most people do not, or are paying cash.
Thanks! I don't disagree that the minimum income is quite high. Two points: we do have some affordable housing options, especially in the West Valley that don't require that high of an income. Our median family income in AZ is actually $99k (in 2022) and I foresee this increasing as more high paying jobs move to Phoenix. Hopefully this increase in income as well as rates coming down will allow our housing to be more affordable than it is now (25% can afford median home price).
@@heidilittleton the income may be arguably a little higher depending on the age group. But even if we use the $90k/year number, that’s still not enough to be able to afford the average priced home in Arizona. It’s about $30k/year short of the income you should have when purchasing a home around the price of Arizonas average house. According to rocket mortgage the average selling prices are around $430,000. If you have $80,000 as a down payment you would still be shy about $20,000ish a year of income needed to afford a home that price. Considering the majority of people don’t normally have $80,000 down payments, that means they would need to make about $125,000/year. Add all the other additional inflated prices of goods and services there is now such as groceries, gas, car payments, car insurance, health insurance, utilities, internet service, phone bills, unexpected hospital bills, ect.., it’s simply just not possible for people to even barely scrape by on $90,000 with a $430,000 mortgage.