New ranking says Arizona now among least affordable states to buy a house

Only 22% of the homes sold in metro Phoenix during 2023’s fourth quarter were affordable for households earning the area’s median income.

Arizona just cracked a top 10 list for the least affordable states to buy a home.The state ranks ninth for the toughest places to make the median income and purchase a median-priced house, according to a study from Bestbrokers.Higher interest rates and prices are behind the slide in affordability.Based on an Arizona median home price of $428,492 and a median income of $62,091, it costs 6.9 times a typical person’s salary to buy a house, according to the report based on data from Redfin, the U.S. Census Bureau and the Bureau of Labor Statistics.“Home prices in the U.S. have considerably outpaced both inflation and income growth over the past couple of decades,” according to the report from Bestbrokers, an online trading research firm.Metro Phoenix slid in affordability on the Housing Opportunity Index from the National Association of Home Builders and Wells Fa …

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