Housing expenses and the income needed to afford a mortgage are also more expensive in those three California cities than New York City.
That shows a lot about wages and cost of living in Arizona and California.
It could also be another argument for Arizona economic developers, site selectors and real estate brokers trying to lure jobs, businesses and transplants out of California markets.
Mortgage research firm HSH.com looked at the salary needed in 27 U.S. cities to afford a home there. The New Jersey-based company looked at median home prices, corresponding monthly payments and the salary needed to afford a mortgage.
In Phoenix, the median home prices is $221,000. That translates into a $1,025 monthly mortgage payment. Phoenicians need to make more than $43,938 per year to afford that mortgage.
The median household income in Maricopa County is $53,689 per year, according to the U.S. Census Bureau.
HSN.com’s analysis shows housing costs and the incomes needed for homeownership in Phoenix are more like those in Orlando, San Antonio and Tampa and are less expensive than California cities, the Pacific Northwest and Northeast.
Of the 27 markets examined, Phoenix has the 20th lowest housing costs and it’s cheapest among major Western and Southwestern cities. The cheapest housing markets are Pittsburgh, Cleveland, Cincinnati, St. Louis and Detroit, according to HSN.
The most expensive housing prices and costs are in San Francisco, San Diego, Los Angeles, New York, Boston and Washington D.C.
Here’s HSN’s analysis for Phoenix and other markets.
Market Median home price Monthly mortgage payment Income needed
Phoenix $221,000 $1,025 $43,938
U.S. $222,700 $1,193 $51,115
Chicago $209,800 $1,353 $57,983
Sacramento $294,100 $1,450 $62,143
Portland $318,800 $1,538 $65,917
Denver $353,500 $1,597 $68,436
Seattle $385,300 $1,830 $78,425
New York City $384,600 $1,940 $86,770
Los Angeles $481,900 $2,218 $95,050
San Diego $546,800 $2,407 $103,165
San Francisco $781,600 $3,453 $147,997