Key Takeaways for Phoenix:
- Phoenix ranks N. 10 among the major cities that are the most “house rich”.
- The median home value in Phoenix is $277,700.
- The median household income is $64,927 which gave Phoenix a 4.28 home-value-to-income ratio.
- Phoenix also has a high rate of owner-occupied housing (56.10%).
From bustling cities in the Midwest to sunny spots on the West Coast, some places stand out due to affordable housing and high homeownership rates.
But what causes a place to be house rich, and how does the typical home in every state measure up to this benchmark? All Star Home analyzed the latest numbers from the U.S. Census Bureau, breaking down the data and sharing the surprising places where homes are affordable and homeownership rates are high.
- West Virginia, Iowa, and Michigan rank among the top states for housing wealth.
- Davie, North Carolina, is the most house-rich city in the entire U.S.
- Americans are the least house rich in California.
- Almost half (49%) of Americans stay right on budget when buying a home.
What does ‘house rich’ mean?
Using comprehensive data from the Census, we developed a housing wealth score for each state. First, we compared the median value of owner-occupied housing units and the median household income, yielding a home-value-to-income ratio.
Then we incorporated the owner-occupied housing unit rate into our calculations to adjust the ratio. By multiplying the home-value-to-income ratio with the non-owner occupied housing rate, we gauged the dominance of homeownership in every locale.
A low score indicates that a location is house rich, wherein housing is not only affordable but also where a majority of the populace reside in homes they own.