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Updated May 21, 2014 - 10:09 am

Website: $40K salary needed to buy average Phoenix home

PHOENIX -- People aiming to purchase a median-priced home in the Phoenix metro area need to make slightly more than $40,000 annually, a website said.

"In Phoenix, to buy a median-priced home during the first quarter according to the Realtors, you'll need $41,309 in salary," said Vice President Keith Gumbinger.

The median price for a home in the Valley is $194,300. Arizona falls nearly in the middle of the pack when it comes to the cost of buying a median-priced home in a metro area.

The website said there has been less than a 1 percent increase in home prices this quarter compared to the last, but prices have gone up 15 percent over last year.

"This is great news for home sellers, not as great for homebuyers," said Gumbinger.

To calculate the figure, used the National Association of Realtors' first-quarter data for median home prices and's first-quarter average interest rate for 30-year, fixed-rate mortgages, to determine how much of a homeowner's salary it would take to afford the base cost of owning a home.

About the Author

Sandra moved from the small border city of Yuma, Arizona to study Broadcast Journalism at Arizona State University in the late 90s. Since graduating, she's worked at several local TV stations including Univision, Fox 10 and 3TV.

Working at KTAR, has allowed her the opportunity to cover major national news events, including Presidential visits, the Tucson Tragedy and the Wallow fire.

When Sandra isn't covering breaking news or behind a microphone in the studio, she's probably at home with her best friend Mark and her two dogs, Lily and Lola.

Sandra enjoys cooking and admits to enjoying "really bad" reality T.V. She also enjoys spending quiet time at home with people she loves, playing a little poker and traveling.


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