Report: Phoenicians must earn over $26K to buy home
Jun 10, 2013, 1:01 PM | Updated: 1:01 pm
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.
