Phoenix and three of its suburbs are among the 40 least-affordable cities in the country, according to the latest RealtyHop Housing Affordability Index.
The index measures projected median incomes, median for-sale home listings, taxes and other data to calculate the share of median income needed to afford the median home. It then ranks the 100 largest cities in the U.S. in terms of affordability.
Scottsdale was ranked the least-affordable Arizona city on the list, coming in at No. 20 nationally. Someone earning the median Scottsdale income of $98,300 would need to spend 43% of those earnings to pay for the estimated monthly mortgage and tax payments on the median Scottsdale home price of $785,000.
Other Arizona cities on the list include Glendale at No. 26, followed by Mesa (31), Phoenix (37), Tucson (41), Chandler (61) and Gilbert (65).
The least-affordable city in the nation, according to the index, is Miami. Someone earning the median Miami annual income of $43,400 would need to spend more than 80% of that income to make payments on the median Miami home price of $599,000.
Miami was followed on the list by New York City, Los Angeles, Newark, N.J., and Jersey City, N.J.
The most affordable cities in the index are, in order: Wichita, Kan., Fort Wayne, Ind., Detroit, Cleveland and Lubbock, Texas.