Register | Forgot Your Password? | Close

PHOENIX -- Plenty of homes around the Phoenix metropolitan area might be for sale, but according to one online real estate database, nearly half of them are not affordable for the general public.

According to, Zillow Inc. believes that around 44 percent of all listings are unaffordable -- a sizable percentage and one that is higher than the national average.

PBJ noted that Zillow breaks down affordability based on three different data sets: fourth-quarter median household income, fourth-quarter median list price and how much of a typical family's household income was historically spent on mortgage payments during pre-bubble years (1985 to 2000).

Zillow determined about 56 percent of metro Phoenix listings are affordable because the typical buyer ($53,556 median income) purchasing the typical home ($187,900 median price) would spend less than 22.3 percent (historical pre-bubble figure) of their income on mortgage payments.

"As affordability worsens, we're already beginning to see more of the kinds of worrisome trends we saw en masse during the years leading up to the housing crash," Zillow Chief Economist Stan Humphries said in the report. "These include a greater reliance on non-traditional home financing, smaller down payments and a greater pressure to move further away from urban job centers in order to find affordable housing options.",

share this story:
Attention Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus

World Class Arizona

  • Dignity Health

    World Class People. World Class Company. Excellent care, delivered with compassion, for all in need.

Voice For A Better Arizona

  • Family in Focus

    KTAR spends the week taking a look at the issues a modern Arizona family faces.