PHOENIX — It got less expensive to buy a home in every ZIP code in the Phoenix metro between August 2022 and August 2023.
That's according to an analysis of data from Zillow Group Inc. and Bankrate LLC by The Business Journals.
Nationally, median home prices inched up by an average of 0.67% between 2022 and 2023 — emblematic of a housing market that has retreated from the lofty gains seen during and immediately after the pandemic.
Based on current median home values, interest rates and an assumed 10% down payment, it takes household income of at least $100,000 to afford a median priced home in 28% of the more than 23,921 ZIP codes we analyzed. For comparison, the national median income was $74,580 in 2022.
