Buying a home in Arizona is manageable for many families, though it takes real commitment. The typical home costs $394,500, which is about 4.9× of the typical household income of $79,964 a year. A family saving their entire income would need around 4.9 years to cover the purchase price — before mortgage interest, taxes, or upkeep.
Renters face serious pressure. The typical rent in Arizona is $1,543 a month, and 48% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 7% higher than the national average of 45%.
16.9% of Arizona homeowners with a mortgage spend more than 30% of their income on housing — above the national average of 16.1%.