Phoenix is the 10th most 'house rich' city in the US, study reveals
PHOENIX, ARIZONA: A recent study by All Star Homes has positioned Phoenix, Arizona, as the 10th most "house rich" city among major metropolitan areas in the US.
According to Ktar, these "house rich" cities, defined as cities where homeownership dominates and homes are relatively affordable compared to local median incomes, showcase an appealing real estate landscape.
Phoenix's housing landscape in focus
The study, leveraging data from the US Census Bureau, has revealed Phoenix's robust standing in terms of housing accessibility and ownership rates.
It outlines intriguing statistics like Phoenix's median home value of $277,700 and a median household income of $64,927, resulting in a home-value-to-income ratio of 4.28. This serves as a key indicator of the city's homeownership accessibility.
Impressively, 56.1% of residences in Phoenix fall under the category of owner-occupied housing. The allure of being "house rich" extends beyond Phoenix, encompassing various regions across the country.
From bustling Midwestern metropolises to sun-drenched areas along the West Coast, specific locales shine due to their blend of affordable housing options and high rates of homeownership.
Deciphering housing wealth trends in the US
The All Star Homes study delves into the criteria defining a place as "house rich" and evaluates different states against this benchmark.
Insights gleaned from the analysis shed light on housing wealth trends, showing that states like West Virginia, Iowa, and Michigan emerge as prime contenders for housing wealth.
Davie, North Carolina, secured the title of the most "house-rich" city nationwide, while California residents found themselves at the opposite end, ranking as the least "house rich" among Americans.
Surprisingly, almost 49% of Americans successfully align their home purchases within their budget constraints.
Understanding the concept of being "house rich" necessitates a detailed look into the methodology employed.
The All Star Homes study crafted a housing wealth score for each state by initially comparing the median value of owner-occupied housing units with median household incomes. This comparison yields the crucial home-value-to-income ratio.
Further analysis factors in the rate of owner-occupied housing units, refining the ratio to reflect homeownership prevalence in a specific area.
This comprehensive methodology unveils the complex dynamics of housing across the US, highlighting cities like Phoenix that epitomize a harmonious blend of affordability and robust homeownership culture.