As housing prices rise, a new study reveals the most expensive housing markets in Arizona and how they compare across the U.S.
The study from Compare the Market, an insurance comparison website, has ranked 800 U.S. cities with the least affordable housing markets. Ten Arizona cities made their way onto the list; however, only one Arizona city was named among the 100 least affordable markets.
Compare the Market calculated affordability by using each state’s average salary and estimating how many years on that salary it would take to buy a home in that area. The study also analyzes the price per square foot of homes in each city, based on the area’s average prices.
Arizona’s least affordable housing market
Flagstaff was named Arizona’s least affordable housing market and the 43rd least affordable housing market nationally. This comes as a small surprise for most Arizonans as the ski town is known for its expensive and exclusive housing market.
According to Compare the Market is would take the average Arizonan 11.1 years to buy a home in Flagstaff based on an average estimated salary of $63,045 and an average home price of $701,920:
- Price per square foot: $410
- Average salary: $63,045
- Average home size: 1,712 square feet
- Estimated home value: $701,920
- Years to buy: 11.1
Most expensive housing markets in Arizona
Using Arizona’s average salary of $63,045 a year, this is how long it’d take to buy a house in Arizona’s least affordable housing markets, according to Compare the Market.
- Payson: 8.2 years, $518,736 home value
- Show Low: 8.1 years, $511,888 home value
- Phoenix-Mesa-Scottsdale: 7.4 years, $463,952 home value
- Lake Havasu: 6.8 years, $431,424 home value
- Tucson: 6.2 years, $388,624 home value
- Yuma: 6.1 years, $386,912 home value
- Safford: 5.5 years, $344,112 home value
- Nogales: 5.4 years, $342,400 home value
- Sierra Vista: 5.1 years, $321,856 home value
Least affordable housing markets in the US
- Hailey, Idaho: $55,640 average salary, $1,610,092 average home value, 28.9 years of salary to buy
- Martha’s Vineyard, Massachusetts: $80,330 salary, $2,051,271 home value, 25.5 years
- Heber, Utah: $61,069 salary, $1,404,858 home value, 23 years
- Key West, Florida: $60,216 salary, $1,371,435 home value, 22.8 years
- Breckenridge, Colorado: $71,968 salary, $1,593,203 home value, 22.1 years
- Kapaa, Hawaii: $65,042 salary, $1,401,180 home value, 21.5 years
- Maui, Hawaii: $65,042 average salary, $1,340,196 home value, 20.6 years
- Steamboat Springs, Colorado: $71,968 salary, $1,401,299 home value, 19.5 years
- Edwards, Colorado: $71,968 salary, $1,355,322 value, 18.8 years
- Santa Barbara, California: $76,960 salary, $1,347,584 home value, 17.5 years
Reporting by Paige Moore, Arizona Republic / Arizona Republic
