Here’s how much housing affordability has dropped in Arizona
By: AZ Big Media
Flagstaff and Prescott typically have the lowest housing affordability in Arizona, but not this last quarter. In the second quarter 2022, only 22.3% of homes sold in the Phoenix metro were affordable to those earning the median family income according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index released August 11. Nationally, the share of homes affordable to families earning the U.S. median income moved down to 42.8% compared to 56.9% in the first quarter, the lowest since the Great Recession. All Arizona metros had a drop in affordability and only three had a higher share of affordable homes than the nation. These were Sierra Vista-Douglas at 54.2%, Yuma at 43.3%, and Lake Havasu City-Kingman at 42.9%. Tucson at 40.6% was lower than the U.S. for the first time in over a decade. Prescott Valley-Prescott had a share of 28.5% and Flagstaff was at 22.8%. Arizona did better than neighboring state California, which had the metros with the lowest affordability in the country, the worst being Los Angeles at 3.6%.