The Salary Needed To Buy a Home in The Phoenix-area

    Phoenix

    Mortgage rate: 4.03 percent

    • Quarterly change: -0.06 percent

    Home price: $221,000

    • Quarterly change: +1.01 percent
    • YOY change: +10.33 percent

    Monthly payment: $1,025.21

    Salary: $43,937.76

    • Quarterly change: +$100.95

    The Phoenix metro is only one of two metro areas on our list to see a salary increase in the fourth quarter. Quarterly price growth prompted the required salary to increase by just $101. But the required salary figure would increase by $7,664 if you were to put 10 percent down as opposed to 20 percent.

    Key takeaways:

    • Mortgage rates fell in every one of our metros during the fourth quarter
    • Quarterly home prices fell in every metro but five, while home prices were up year-over-year in every metro but three
    • The Orlando metro area had the largest year-over-year price gain at 13.89 percent (Denver came in at a close second at 12.29 percent)
    • When putting 10 percent down instead of 20 percent, the required salary figures for our metro areas increased anywhere from $4,200 to $31,000

    See all the of the 27 largest metros salary needed here.

    Info courtesy of :  at HSH.com

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