Housing affordability has worsened in many parts of the country as wages fail to grow at the same pace as home prices — but Maricopa County is one area where wage increases are outpacing price increases.
ATTOM’s Q3 2023 U.S. Home Affordability Report shows that single-family homes and condos are less affordable than they were last year in 99% of U.S. counties analyzed. However, annual wages increased faster than home prices in 53% of counties analyzed, including Maricopa County.
In Maricopa County, wages grew by nearly 5% year over year during Q3. Home prices, meanwhile, dropped by about 3%.
Nationwide, however, skyrocketing prices and high mortgage rates have bumped the portion of wages the typical homebuyer needs to purchase a home up to 35%. That’s the highest level since 2007 and is considered unaffordable by common lending standards, which call for a 28% debt-to-income ratio.