This week in Phoenix real estate…How can people afford these prices? That’s a good question, with home prices here in Phoenix continuing their meteoric rise and interest rates heading up as well.
The Housing Opportunity Index, HOI, published by the National Association of Homebuilders, pegged Phoenix at 51.2 for the 3rd quarter of 2021. Translated, this means that in Q3-2021, 51.2% of the homes were affordable to a family in Phoenix making the median income of $79,000. That’s just behind the national HOI of 56.6 but light years ahead of the Q32006 HOI of 26.6. We can only dream of the 2011 days when 89% of the homes were affordable.