Analysis: Yavapai County has lowest home affordability in state

People
Re 11

ORGANIZATIONS IN THIS STORY

LETTER TO THE EDITOR

Have a concern or an opinion about this story? Click below to share your thoughts.
Send a message

Community Newsmaker

Know of a story that needs to be covered? Pitch your story to The Business Daily.
Community Newsmaker

Yavapai County posted the lowest home affordability index in Arizona, according to an analysis of 432 counties nationwide by ATTOM Data Solutions in the second quarter.

The county’s affordability index was 89 in the analysis, which found that home prices around the country have hit their lowest level of affordability in a decade.

The report determines the affordability number based on the household income needed to purchase a median-priced home in the county compared to historical data. An index under 100 indicates declining affordability.

In Yavapai County, a median home costs $297,500. 

“Slowing home price appreciation in the second quarter was not enough to counteract an 11 percent increase in (national) mortgage rates compared to a year ago, resulting in the worst home affordability we’ve seen in nearly 10 years,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. 

Arizona counties with lowest home affordability indexes

CountyQ2 2018 Median Sales PriceAnnual Income Needed to Buy (3% Down and 28% Front-End DTI)Annualized Weekly WagesPct of Annualized Wages to BuyHistoric  Pct of Wages to BuyQ2 2018 Affordability Index
Yavapai$297,500$80,896$38,54558.8%52.1%89
Pinal$199,900$53,649$41,34036.3%32.3%89
Coconino$325,000$90,439$42,26359.9%55.1%92
Mohave$205,550$52,880$37,28439.7%36.9%93
Navajo$200,000$54,238$39,02638.9%37.1%95
Maricopa$259,000$68,982$52,61136.7%35.5%97
Pima$204,700$57,639$45,59135.4%37.7%106
Cochise$153,449$43,757$44,77227.4%30.8%112
Yuma$159,747$42,778$38,10331.4%44.1%140
Source: ATTOM Data Solutions

ORGANIZATIONS IN THIS STORY

LETTER TO THE EDITOR

Have a concern or an opinion about this story? Click below to share your thoughts.
Send a message

Community Newsmaker

Know of a story that needs to be covered? Pitch your story to The Business Daily.
Community Newsmaker

MORE NEWS