Skip to main content

OJO Labs: Phoenix Enters Top 10 Least Affordable Metros

Navi Persaud
Jan 20, 2022
Photo of Phoenix, Arizona.

Latest analysis from OJO Labs shows that Phoenix, AZ nudged out Denver and Seattle as one of the top 10 least affordable metros in the U.S.

OJO Labs' list of the top 10 least affordable metros in the U.S. was derived from an analysis of the median home sold price and median household income. The results showed that the median home sold price in Phoenix increased by 28.1% in Dec. 2021 to $410,000. 

With the recent increase in median home sold price for Phoenix, the city's unaffordability score hit 5.47, moving Denver and Seattle out of the previous top10 least affordable metros in the U.S. 

“The three most unaffordable markets in the U.S., all in California, remained unchanged with San Francisco as the leader, and Los Angeles and San Diego vying for second place. In December, it was Los Angeles that took the silver medal with a 14.7% year-over-year price increase, a median home sold price of $710,000, and an unaffordability score of 8.29,” according to Patrick Kearns, director of storytelling at OJO Labs.

“The metro area encompassing Mobile, Alabama and Pensacola, Florida also saw a new surge in unaffordability, surpassing the Miami-Fort Lauderdale, Florida metro area. Mobile saw its median home sold price climb 23% year over year to $307,500 in December.”

On a national level, the report states that unaffordability stayed essentially unchanged from Nov. 2021 to Dec. 2021, despite the median home price increasing 15% year-over-year during that period.

Published
Jan 20, 2022
NAR: Pending Home Sales Fell For 5th Straight Month

Realtor.com expects sales in 2023 to be down overall as well.

Analysis and Data
Nov 30, 2022
What Recession? Revised 3Q GDP Rose 2.9%

The Bureau of Economic Analysis' original estimate was 2.6%.

Analysis and Data
Nov 30, 2022
Mortgage Applications Fell During Holiday Week

Third straight weekly decline in rates not enough to improve refi activity.

Analysis and Data
Nov 29, 2022
MBA Revises Originations Forecast Downward For 2023

Now predicts lenders will originate $1.98 trillion overall in mortgages in 2023, down 12% from 2022 and down 3.5% from its October forecast.

Analysis and Data
Nov 29, 2022
Home Price Growth Continued To Slow In 3Q

FHFA, S&P Case-Shiller indexes show slower monthly and annual growth in prices.

Analysis and Data
Nov 29, 2022
First American: Real House Prices Up Yet Again

The monthly RHPI report said potential sellers are unlikely to lose all the equity they have gained.

Analysis and Data
Nov 28, 2022