How much income do I need to buy a home in Phoenix?

To buy a home in Phoenix, you would generally need a household income of around $84,000 per year. This income helps you comfortably afford the typical monthly mortgage payment, including principal and interest, property taxes, and homeowner's insurance. This estimate assumes a 10% down payment and a mortgage interest rate of 6.25%. The median listing price for homes in Phoenix right now is $489,500. This is a slight decrease of 1.7% from the previous month and a larger drop of 5.9% compared to last year. While the overall price has gone down, it's still a significant amount for most buyers. Homes are staying on the market for about 64 days, which is about the same as last year. However, almost 29% of homes have had their prices reduced, which is a good sign if you’re looking for a deal. This means sellers are more willing to negotiate. There are 18,728 homes actively listed, which is a bit fewer than last year. At the same time, the number of new homes coming on the market has gone up by 6.6% compared to last year, with 6,868 new listings. This increase in new listings gives you more options to choose from. If you're looking to buy in Phoenix, the current market might offer some opportunities. With prices showing a downward trend and more homes having price reductions, you could find a home that fits your budget better than in previous months.