Phoenix Ranks as a “House-rich” City
In recent years, Phoenix has been making waves not only for its scorching temperatures but also for a notable distinction – it ranks among the major U.S. cities where residents are most house-rich. A recent study has shed light on Phoenix’s standing, revealing intriguing insights into the housing market of the Valley of the Sun.
Phoenix Grabs a Top Spot
According to a recent study done by All Star Homes, Phoenix ranked No. 10 among major U.S. cities where residents boast substantial home equity. The term “house-rich” refers to homeowners who have a significant amount of equity in there homes, often exceeding their mortgage balances. This is a positive indicator for the city’s real estate landscape and the financial well-being of its residents.
All Star Home’s Methodology
All Star Home’s ranking is based on a comparison between home values and median incomes, offering a glimpse into the financial health of homeowners in various cities across the nation. In the case of Phoenix, the study found that homeowners in the city have accumulated a substantial amount of home equity relative to the local median income. This suggests a robust and appreciating real estate market, providing homeowners with a valuable asset that contributes to their overall net worth.
Phoenix Real Estate Boom
Phoenix’s rise in the ranking reflects the ongoing real estate boom in the region. The city’s housing market has been experiencing a surge in demand, driven by factors such as job growth, a lower cost of living compared to some other major metropolitan areas, and the city’s overall appeal as a desirable place to live. This has caused property values to increase. As the real estate market continues to evolve, it will be interesting to see how Phoenix balances the benefits of a booming housing market with the need for affordable homeownership opportunities, ensuring that the city remains a vibrant and inclusive community for all.
If you are thinking about buying your next home or selling your current, the team here at The Cusick Group is here to help you with any and all of your real estate endeavors. Please contact us today at 480-759-1576, or visit us at Cusickgroupre.com. We look forward to talking to you about your real estate goals!