Sedona Jeep School
10-13-2005, 07:36 AM
Anyone think they want to live/work in Sedona? After reading this, I am not sure that I want to live here anymore...
From today's Red Rock News:
Most of workforce can rent but not buy, report states
By Cyndy Hardy
Larson Newspapers
________________
A Sedona worker must earn $63.26 per hour to buy a median priced Sedona house, according to a recent report from the Arizona Department of Housing.
“2004-2005 Arizona’s Hous-ing Market ... at a glance,” an ADH publication, was released at the Governor’s Affordable Housing Forum in Carefree Sept. 13 to 15.
The median price for a home in Sedona is $454,500, the report stated. Sedona’s wage requirements are almost twice as much as in the next highest housing markets in the state, the report indicated.
Workers in Flagstaff must earn $35.07 and Phoenix employees must earn $30.37 per hour to afford to buy homes in those cities.
Pinetop-Lakeside, Payson and Sierra Vista would require $21.42 to $28.53 per hour.
Kingman at 17.38, Yuma at $17.38 and Nogales at $15.34 rounded out the list.
Statewide, a worker must earn an average of $26.67 to buy a home.
Workforce members such as retail sales and restaurant workers cannot afford to buy a house or rent an apartment anywhere in the state, according to the report.
Police officers, firefighters, teachers and nurses can afford to rent an apartment in most areas of Arizona but can’t afford to buy a house in more than half of the communities. Sedona police officers earn an hourly median wage of $17.55, according to the report.
Nurses earn about $17.58, it states.
Teachers earn about $16.02 and firefighters make about $12.20.
However, current data on the Sedona Fire District’s Web site indicates that entry level fire fighters earn $37,108 per year, or about $17.84 per hour.
Retail workers and wait staff earn about $8.68 and $6.58 an hour, respectively, according to the report.
At 19.43 percent, Arizona ranked seventh highest in the nation for housing price appreciation for the first quarter of 2004 to the first quarter of 2005.
The average resale price for homes jumped 58.1 percent from 2002 to 2005, according to the National Association of Realtors.
Comparatively, median incomes increased by 27 percent, the ADH report stated.
Low interest rates contributed to Arizona’s strong housing market, according to the report. With rising rates, the market will likely slow down.
Sheila D. Harris is the director of the Arizona Department of Housing, the executive director of the Arizona Housing Commission and the executive director of the Arizona Housing Finance Authority.
“The data contained in this document has been obtained from a myriad of sources, including national and local associations of Realtors, U.S. Department of Housing and Urban Devel-opment, Ari-zona Depart-ment of Eco-nomic Security, Arizona Real Estate Center at Arizona State Univers-ity, U.S. Cen-sus Bureau, Office of Fed-eral Housing Enterprise Oversight, as well as data produced by the Arizona Department of Housing,” Harris said.
Contact Cyndy Hardy at 282-7795, Ext. 129, or chardy@larsonnewspapers.com.
From today's Red Rock News:
Most of workforce can rent but not buy, report states
By Cyndy Hardy
Larson Newspapers
________________
A Sedona worker must earn $63.26 per hour to buy a median priced Sedona house, according to a recent report from the Arizona Department of Housing.
“2004-2005 Arizona’s Hous-ing Market ... at a glance,” an ADH publication, was released at the Governor’s Affordable Housing Forum in Carefree Sept. 13 to 15.
The median price for a home in Sedona is $454,500, the report stated. Sedona’s wage requirements are almost twice as much as in the next highest housing markets in the state, the report indicated.
Workers in Flagstaff must earn $35.07 and Phoenix employees must earn $30.37 per hour to afford to buy homes in those cities.
Pinetop-Lakeside, Payson and Sierra Vista would require $21.42 to $28.53 per hour.
Kingman at 17.38, Yuma at $17.38 and Nogales at $15.34 rounded out the list.
Statewide, a worker must earn an average of $26.67 to buy a home.
Workforce members such as retail sales and restaurant workers cannot afford to buy a house or rent an apartment anywhere in the state, according to the report.
Police officers, firefighters, teachers and nurses can afford to rent an apartment in most areas of Arizona but can’t afford to buy a house in more than half of the communities. Sedona police officers earn an hourly median wage of $17.55, according to the report.
Nurses earn about $17.58, it states.
Teachers earn about $16.02 and firefighters make about $12.20.
However, current data on the Sedona Fire District’s Web site indicates that entry level fire fighters earn $37,108 per year, or about $17.84 per hour.
Retail workers and wait staff earn about $8.68 and $6.58 an hour, respectively, according to the report.
At 19.43 percent, Arizona ranked seventh highest in the nation for housing price appreciation for the first quarter of 2004 to the first quarter of 2005.
The average resale price for homes jumped 58.1 percent from 2002 to 2005, according to the National Association of Realtors.
Comparatively, median incomes increased by 27 percent, the ADH report stated.
Low interest rates contributed to Arizona’s strong housing market, according to the report. With rising rates, the market will likely slow down.
Sheila D. Harris is the director of the Arizona Department of Housing, the executive director of the Arizona Housing Commission and the executive director of the Arizona Housing Finance Authority.
“The data contained in this document has been obtained from a myriad of sources, including national and local associations of Realtors, U.S. Department of Housing and Urban Devel-opment, Ari-zona Depart-ment of Eco-nomic Security, Arizona Real Estate Center at Arizona State Univers-ity, U.S. Cen-sus Bureau, Office of Fed-eral Housing Enterprise Oversight, as well as data produced by the Arizona Department of Housing,” Harris said.
Contact Cyndy Hardy at 282-7795, Ext. 129, or chardy@larsonnewspapers.com.