Scottsdale Arizona Affordability

Scottsdale Arizona Isn't Affordable For The Average Home Buyer

The Arizona Republic reports that people who own homes in Scottsdale are cashing in on the incredible run-up in housing prices, which increased about 40% over a 12-month period ending in May, but that the rising home prices are keeping many more people out of the home ownership dream. The article reports that the Scottsdale-Mesa-Phoenix housing market is ranked No. 87 in a housing affordability study recently prepared by the Housing Opportunity Index from the National Association of Home Builders. The most affordable metropolitan area in the nation is Youngstown, Ohio. The rising home prices in our market means that nearly 4 of every 10 Central Arizona residents cannot afford to buy a house here, even with today's low interest rates and flexible mortgages. The article does state that for those looking to rent versus buy, there are good deals due to the large number of investor owned homes in the market. More...