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Wages are rising faster than prices in Maricopa County

by Emily Marek

via ATTOM

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.

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