How Home Affordability Can Impact Metro Phoenix’s Economy, Job Growth

By Angela Gonzales | Phoenix Business Journal

Metro areas around the country where affordability has worsened over the last five years have seen a decline in job growth during that same period, according to a new study by the National Association of Realtors.

The NAR report, “Home Affordability Index Ranking and Payroll Job Growth,” measured affordability in the top 174 metro areas nationwide. The study found affordability rankings declined in 81 metro areas, 34 of which saw non-farm job growth fall faster during the third quarter of 2019 than the national average during the previous five years.

At least for now, metro Phoenix isn’t facing that problem.

Gay Cororaton, senior economist for NAR, said metro Phoenix is still seen as being an affordable market compared with other cities in the Western region, especially California and Colorado.

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