Phoenix Home Affordability

Phoenix is the eighth most-affordable metropolitan area  according to new research from mortgage publisher HSH.com.  HSH.com used fourth-quarter data from the National Association of Realtors (NAR) to calculate the minimum salary a buyer must earn to pay the principal, interest, insurance and taxes associated with home purchases across 27 metropolitan areas and average interest rates for fixed-rate, 30-year mortgages.  To afford a typical house in Phoenix with a home price of $200,000, a home buyer needs a minimum salary of $40,658 along with a 20% down payment.  The study indicated a home buyer would need  a minimum salary of $48,603 to afford the median priced home in the U.S.   For more information and to find out how much money home buyers in 27 major metro areas would need to earn in order to purchase the median-priced home in their market click here.