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Ownership/Affordability

According to Census 2000, owners formed 64 percent of all Pima County households, and the median value of all owner-occupied homes was $114,600. The median rent for all occupied rental units was $544, and about a third of metro area renters spent more than 35 percent of household income on rent.

In 2005, the American Community Survey reported that 65.1 percent of Pima households owned their home. Median rent was $633, up 16.4 percent since 2000. Approximately 39 percent of renters spend more than 35 percent of household income on rent. About 10.9 percent of owners spent over 35 percent on housing costs.

In 2006, Tucson home prices rose about 5.6 percent in all categories. The average sales price rose from $253,556 in 2005 to $267,855. Sales did slow somewhat with days on the market increasing from 33 days to 50 in 2006. The following link leads to a chart of sales price and days on the market over the past decade.

As the affordability of new single-family housing has lessened, used housing has acted as a substitute. Growth in real incomes has not kept pace with housing costs, an issue that is coming to the forefront regionally. When housing returns to be priced as shelter rather than an investment, stability will return to the market.

 

 

 

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