QuoteWizard, a LendingTree company, and one of the nation’s leading online insurance marketplaces, released a new report tracking the growing disparity between housing costs and income. And, having the biggest impact on residents of the Grand Canyon state is the fact that researchers found Arizona homes to be the third-least affordable in the nation.
QuoteWizard’s team of housing market analysts found that the median price of a home is up nearly 70% ($129,000) in the last decade. Median income, however, is only up 30% (14,685) nationwide.
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“Owning a home is supposed to be the American Dream. But with housing prices rising so much faster than income, you have to wonder if owning a home is still a reality for many people,” said Nick VinZant, Senior Research Analysts and Insurance Expert with QuoteWizard.
QuoteWizard analysts tracked housing and income data going back to 2012. Housing and income changes varied significantly from state to state, however, we found eight states where housing costs have risen by more than 100% in the last decade.
The disparity between housing costs and income has also recently drawn the attention of President Joe Biden. The President has set aside $213 billion to encourage cities to ease zoning restrictions that limit affordable housing.
You can read the full report along with numbers for each state here: https://quotewizard.com/news/posts/americas-unaffordable-housing-costs
Key Findings:
• The median price of a home is up 70% ($129,000) since 2012 nationwide.
• Median income is up only 30% ($14,695) since 2012 nationwide.
• Nevada, Idaho and Arizona are the least affordable states but eight states have seen a 100% or more increase in the median cost of a home.
• Median home prices increased from $33,000 to $330,000 depending on the state.
