Home affordability continues to be an issue in the Tucson area and seven other Arizona counties, according to real estate data firm Attom Data Solutions.
In Pima County, the income required to purchase a mid-priced home was nearly 1.5 times the median income. The last time housing was so inaccessible in the county was in mid-2006.
Similar affordability differentials existed in Maricopa, Mojave, Navajo, Pinal, Yavapai, and Yuma counties, but median house prices were out of reach for the average wage earner in Cochise County. It wasn’t there.
The average earner is thousands of dollars less than what Attom said, allowing users to save 20% down payment and pay off their mortgage.
“Affordability in all major counties in the state is worse than the national average. Not necessarily the worst in the country, but statewide affordability is weak.” Atom Data.
Shalga said affordable real estate for most people helps bring financial stability to the community.
“And it often contributes to the financial well-being of generations. So we keep people away from owning a home just because it’s impossible for them to buy one now.” he said.
It also helps the region maintain its workforce and ensure proper funding for local government.
The report has some good news. Affordability is shrinking in places like Pima County, where wages are rising and home prices are falling from historic highs.
However, rising mortgage rates will help erode some of those gains.