enjoyed a 4.7 percent increase vs. 2017 ($61,500) and a 15.2 percent increase over the 2013 household income of $51,850. Information and statistics from the Bureau of Labor Statistics employment data, Depart- ment of Labor report, Census/ACS Tables and RentRange® data sources.
surgence. As of mid-August, the case counts are returning to May numbers of ~500 cases/day, which should help get the recovery back on track. HOUSEHOLD INCOME According to 2018 ACS data, the various industries in the Phoenix MSA provide a median household
income of $64,427, ranking the metro 82nd in the country. Incomes are slightly above the national median income of $63,688. The Queen Creek/Gilbert areas to the south, Litchfield Park/Waddell to the west and most zip codes north of Scottsdale have incomes above $80 thousand. Metro incomes have
VALUES –VS– INCOME
Index Trend of Rent vs Home Price vs Employment vs Income
60%
50%
40%
30%
20%
10%
0%
Legend
-10%
Employment Change Household Income
-20%
Home Value Rental Value
-30%
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
The multi-index trend shows the significant ramp and brutal crash of home values in the Phoenix MSA (blue line) between 2005 and 2012. The Phoenix market was one of the most severe cases of subprime lend- ing practices, in less than two years the market gained nearly 40 percent of perceived value. However, it was also one of the first markets to top out in mid-2006
at just over a $300k median price, eventually losing over 50 percent of value in the recessionary period. Since the lows in late 2011, the mar- ket has again doubled in price, and recently surpassed the 2006 peak. Rental rates for three-bedroom single-family homes (orange line) had only a minor decrease of -6.5 percent over the recessionary period yet held the values around $1,100/
month from 2009 to 2014. In 2015, the rental market turned upward alongside the home price trend, ris- ing an average of 9 percent per year. Income growth (teal line) has been strong in the last five years at 4.6 percent YoY, but is beginning to flatten. Employment (red line) has taken a sharp turn downward, which will impact rent and home prices if the recovery remains slow.
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