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Report: Phoenicians must earn over $26K to buy home

Anyone looking to buy a home in the Valley needs to make over $26,000 annually, a report said.

According to MSN.com, the minimum annual income needed to buy a home in Phoenix is $26,213.39 after taxes.

The average home price in Phoenix is $169,000 and the average mortgage rate is 3.56 percent.

Phoenix is one of the most-improved metros on our list from last time. Home prices have risen by more than 30% since the first quarter of 2012, and average rates in Phoenix are the second-lowest on our list.

To come up with the minimum annual income, MSN factored in mortgage rates and other costs of owning a home. It also used a standard 28 percent front-end debt ratio and assumed a 20 percent down payment.

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