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Record High Housing Affordability – More Opportunity For Buyers

May 22, 2012 By Nathan Mitchell

Homes are more affordable for the median income family.  77.5% of all homes that were sold in the first Quarter this year were affordable to median income families according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).

Where does Phoenix, AZ rank on the Housing Opportunity Index?  According to the index, the median price for the first Quarter of this year was $135,000.  The Housing Opportunity Index for Phoenix is 83.7 .  Ranked Nationally, Phoenix is 115th in regards to housing affordability, with a median income of $66,400.  The Phoenix – Mesa – Glendale area, ranked regionally is 26th. While not extremely high on the list of affordability, Phoenix still has much opportunity for the median income home buyer, with home prices still at historic lows.

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Filed Under: Blog, Home Buying Tagged With: Arizona Home Prices, Phoenix Homes for sale, Phoenix Real Estate

About Nathan Mitchell

Co-Founder of Desert Premier Realty Group. Real Estate Broker in Phoenix, Arizona. Striving to educate home buyers and sellers to help them make confident and informed home buying/selling decisions.

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Nathan Mitchell
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