Everyone would like to own their own home but finding a dream home that is affordable can be challenging. UnitedStatesZipCodes.org today released a study on the Most Affordable Places to Live in Arizona.
The study analyzed the most recent data from the Census Bureau to compare local home prices with local incomes to determine housing affordability.
The rankings were determined by calculating the Median Multiple, which answers the question, “how many years would it take for the median income to pay off the median home price?”
Lower values indicate that incomes in the area are high enough to make it easier to pay off a home. Anything under 3 is considered affordable.
The Arizona median multiple is 3.9 and has risen 2.7% since last year.
The study lists the 50 most and least affordable places to live.
Here are the top 5 most affordable places to live:
1. 86321 (Bagdad, AZ), 0.4
2. 85135 (Hayden, AZ), 0.9
3. 85530 (Bylas, AZ), 1.0
4. 85550 (San Carlos, AZ), 1.1
5. 86045 (Tuba City, AZ), 1.3
Here are the top 5 least affordable places to live:
1. 85922 (Blue, AZ), 8.8
2. 85253 (Paradise Valley, AZ), 8.7
3. 86351 (Sedona, AZ), 7.9
4. 85004 (Phoenix, AZ), 7.6
5. 86336 (Sedona, AZ), 7.6