PHOENIX — The average household income to afford a typical home in Arizona is now $122,000, according to data from Bankrate. That's up $50,000 compared to 2020, where data shows the average income needed was roughly $71,000.
Bankrate has some tips to help you buy, even if your salary does not meet that average salary.
They recommend using their online calculator where you can enter your income and debts to see how much you can actually afford and what your payments would look like.
They also recommend considering downsizing, like with a condo or townhome. Experts say you should also focus on your credit score, because that can impact your mortgage rate and looking into down payment assistance programs.
To find more about what programs are out there, click here.
