PHOENIX – In just two years, Phoenix has gone from being in the top 20 to being one of the last 20 in US News’ prestigious annual rankings.
The subway has fallen to 140th place on this year’s list [realestate.usnews.com], which includes a total of 150 cities nationwide. That is less than No. 59 last year [bizjournals.com] and No. 17 the year before [bizjournals.com]. It’s the third straight decline for Phoenix – and the largest in recent years.
The reasons for the Phoenix free fall were not explained in the report, which still mentioned Arizona as “one of the go-to places for retirees,” but one contributing factor is likely that US News increased its lists from 125 to the last year 125 has increased 150 subways, which better reflects the real capabilities of Americans.
The change in status could also have something to do with rising housing costs in the Valley.
Using average Zillow home sales data, the report showed that Phoenix property prices exceeded costs nationally and have grown at a faster rate since 2019. National housing costs averaged $ 315,743 in 2020, while Phoenix’s averaged $ 383,750. Phoenix received a score of 6.4 out of 10 for affordability of housing.
The report gave Phoenix a score index of 6.6 out of 10 and said the Valley still scores better than metropolitan areas of similar size when comparing housing costs to average household income.
Read more about this story from the Business Journal.
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