Average Phoenix home price has increased more than 30% since 2020

Homeownership is out of reach for most Phoenix households, according to a 2024 Housing Needs Assessment conducted by the city.

More than half of homeowning households in Phoenix earn above 120% of the

area median income, according to Phoenix Housing Department staff.

Home prices have also more than tripled in the last 25 years and increased by more than 30% in the last five years.

“It’s very shocking. And, you know, that can be very frustrating to so many of our residents that feel like they don’t have an opportunity here,” Phoenix City Councilmember Anna Hernandez said about the increase in housing prices during a subcommittee meeting last week.

The Phoenix Community Services and Education Subcommittee requested staff

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