Phoenix ranks 6th in home affordability - WSFA.com Montgomery Alabama news.

Phoenix ranks 6th in home affordability

PHOENIX (CBS5) -

It's harder for middle class people to afford an average home in all of the top 25 U.S. markets this year, according to a new study, but for buyers in the Valley, homes are some of the most affordable.

Interest.com reports the median household income in the Phoenix area surpasses the price of a median-priced home in the Phoenix area by 8 percent, which is down from 24 percent last year.

On average, prices increased about 16 percent over the past year while income rose about 3 percent.

The top five most affordable areas are Atlanta, Minneapolis, St. Louis, Detroit and Pittsburgh.

The least affordable include San Francisco, San Diego, New York, Los Angeles and Miami.

Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved. 

 

 

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