Homebuyers need an annual income of $110,271 to buy a median-priced home in Arizona.That’s up 65% from 2020, when it only took $66,712 to buy an Arizona house, according to personal finance research firm Bankrate.Higher home prices, interest rates and insurance costs are why.”Home values are near record highs,” said Jeff Ostrowski, a housing market analyst for Bankrate. “If you want a house, you have little choice but to pay a high price.”Buyers need to have six-figure incomes to afford median-priced homes in 22 states.Bankrate’s analysis is based on a 2024 Arizona median home price of $433,000 calculated by Redfin. The state’s median was $284,100 in 2020.The average 30-year mortgage rate was 3.3% in March 2020 and is currently 6.8%, according to Freddie Mac.Based on those prices and interest rates, the monthly mortgage payment on a median-priced Arizona house is now about $2,573. It was $1,302 in early 2020, according to Bankrate.Reach the reporter at catherine.reagor@arizonarepublic.com or 602-444-8040. Follow her on X, formerly Twitter: @CatherineReagor. …
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