OJO Labs: Phoenix Enters Top 10 Least Affordable Metros – NMP 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
Sunbelt Cities Remain Top Destinations Despite Rising Home Prices

Miami, Phoenix, and Tampa are the top three places for New Yorkers and Los Angelenos.

Analysis and Data
May 25, 2022
Many Seller-Buyers Considering Out-Of-Market Move

Nearly half (45%) of 2022 seller-buyers plan to buy outside of their current city or town; 9% say they would move out of state for better deals.

Analysis and Data
May 25, 2022
U.S. Foreign-Born Population Less Likely To Be Homeowners

Miami, San Jose and Los Angeles have the highest percentage of foreign homeowners in the top 50 markets

Analysis and Data
May 25, 2022
Mortgage Applications Down Again

Applications fell 1.2% from a week earlier.

Analysis and Data
May 25, 2022
New-Home Sales Continue To Slide In April

Rising mortgage rates & home prices reducing affordability, even as supply grows.

Analysis and Data
May 24, 2022
Independent Mortgage Banks See Big Drop in Revenue & Profits

IMBs reported a net gain of $223 per originated loan in 1Q 2022, down from $1,099 per loan in the previous quarter. 

Analysis and Data
May 24, 2022