Phoenix ranks 6th in home affordability - FOX Carolina 21

Phoenix ranks 6th in home affordability

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PHOENIX (CBS5) -

It's harder for middle class people to afford an average home in all of the top 25 U.S. markets this year, according to a new study, but for buyers in the Valley, homes are some of the most affordable.

Interest.com reports the median household income in the Phoenix area surpasses the price of a median-priced home in the Phoenix area by 8 percent, which is down from 24 percent last year.

On average, prices increased about 16 percent over the past year while income rose about 3 percent.

The top five most affordable areas are Atlanta, Minneapolis, St. Louis, Detroit and Pittsburgh.

The least affordable include San Francisco, San Diego, New York, Los Angeles and Miami.

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