Stats And Key Info
As November 2023 comes to an end, we welcome you back to LUXE BLOG. Today, we’re focusing on the trends from the past year. In particular, we will review stats from The Business Journals, utilizing data from Zillow Group Inc. and Bankrate LLC. We hope you find this content helpful.
Housing Market Trends
- Shifts in Home Prices: From August 2022 to August 2023, every ZIP code in Greater Phoenix saw a lowering of home prices.
- National vs. Local Trends: Nationally, median home prices nudged by 0.67%, but Greater Phoenix had a unique trajectory.
- Income and Affordability: In the context of current median home values and interest rates, a $100,000 annual income is needed in 28% of the analyzed ZIP codes. This is in comparison to the 2022 national median income of $74,580.
Also Read: The Greater Phoenix Rental Market Sees Significant Changes
Greater Phoenix ZIP Codes
- Paradise Valley’s 85253: This ZIP code, known for its luxury estates, requires an estimated minimum annual income of $656,507. That makes it the most expensive in Greater Phoenix. The annual mortgage payment here is estimated at $196,952.
- Scottsdale’s 85262: Another high-end area with a yearly notable mortgage payment exceeding $100,000. This reflects its popularity.
- Scottsdale’s 85255: A sought-after location where home values decreased by 4% year-over-year, from $1,201,642 to $1,156,459, still maintaining its allure.
America’s Most Affordable ZIPS
- Value-Focused Regions: The most affordable ZIP codes in the U.S. are primarily found in the South, the Rust Belt, and Appalachia.
National Housing Landscape
- Mixed Responses to Economic Conditions: While some ZIP codes saw moderate price changes, others, particularly in tourist areas, experienced significant increases in the required income for home buying.
- Tourism Influence: Notable surges were seen in places like Moran, Wyoming, where the income needed for a median home rose by 16% to $410,811.
Also Read: Scottsdale Real Estate Market Year-Over-Year Comparison
High-End ZIP Codes Across The U.S.
- Million-Dollar Income Zip Codes: 14 ZIP codes nationwide now require at least $1 million in annual income for median-priced home ownership, down from 16 the previous year.
- Tech and Coastal Regions: These ZIP codes are predominantly located in areas influenced by the tech sector or in coastal regions.
Thanks For Reading LUXE BLOG
In a day and age were so much is going on, we LOVE informing our readers. You know what we love even more? Helping them buy and sell real estate. The right way. So, that’s what we do. We are a boutique brokerage that puts an emphasis on protecting our clients. Via helping them make sound decisions. If you have any questions, feel free to reach out.
Also Read: Only 15% Of Californians Can Afford A Median-Priced Home!