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.