PHOENIX — It's no secret that home prices in the Valley have shot up in the last year, and that includes the value of homes that never went on the market, too.
According to a study by Zillow, home value appreciation in 2021 was higher than median wages in 25 of 38 major metropolitan areas across the U.S., including Phoenix. In the Valley, home values rose by $103,470 on average between December 2020 and December 2021.
That same year, the median income in the Valley was around $52,000, meaning many homes in the Valley made more money than the people who own them did.
And it's not just home values, rent prices have increased as well.
Zillow found that full-year rent payments rose by $4,644 in the Valley, which is about $387 a month.
For the homes that were put on the market, that value increase has pushed prices to $1 million or more on average in 28 Valley ZIP codes, according to the Cromford Report.
Scottsdale alone contains seven of these zip codes. As usual, the northeast Valley has some of the highest list prices in the state, but now, Peoria and downtown Phoenix have been added to the list.
The report from Zillow found that San Jose and San Francisco had the highest disparities in home value growth and income.
Homes in San Jose increased by almost $230,000 between 2020 and 2021. The median income in that area was only about $93,000 a year.
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