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Housing

Home Values. The median home value in the SEAGO Region is $136,240 (16.4% below the statewide value and 22.5% below the national median home value) as of the 2010-2014 American Community Survey. The Region’s median home value is pulled up by higher values in Cochise and Santa Cruz counties. Cochise County has the highest median home value in the Region at $141,300. The lowest median home value in the Region is Greenlee County at just $83,200—barely half the statewide median value and less than half the nationwide value. It is not unusual that nationally home values in rural areas are lower than more urban or suburban areas. That is certainly the case in the SEAGO Region due its rural location, more than 225 miles from Phoenix and more than 125 miles from Tucson. Sierra Vista is the most urban community in the SEAGO Region and Greenlee County is the most rural, which is reflected in the housing values in the Region.

Home Affordability. With lower home values, home ownership is more affordable in the SEAGO Region than statewide and nationwide. As of 2010-2014, 32.2% of homeowners with a mortgage pay 30% or more of their income toward housing (compared to 35.1% of homeowners statewide and 34.2% of homeowners nationwide); housing that costs more than 30% of income is generally regarded as unaffordable. Within the SEAGO Region, housing is most affordable in Greenlee County where only 24.2% of homeowners pay 30% of their income or more for housing. More than half of all homeowners (53%) in Greenlee County pay less than 20% of their income toward housing. This is primarily a result of low rent housing offered by Freeport-McMoRan for its Morenci Mine employees. Housing is least affordable in Santa Cruz County where 36.1% of homeowners pay 30% of income or more for housing—the only county in the Region where housing is less affordable than statewide and nationwide. 

Note. Figures expressed in 2014 dollars. SEAGO Region estimate is a weighted-average of county median prices. Source: U.S. Census Bureau (2010-2014 American Community Survey 5-year Estimates) and UsEconomicResearch.com

Median Home Value (2010 – 2014)

Source: U.S. Census Bureau (2010-2014 American Community Survey 5-year Estimates) and UsEconomicResearch.com

Note. Includes only owner-occupied homes with a mortgage. Source: U.S. Census Bureau (2010-2014 American Community Survey 5-year Estimates) and UsEconomicResearch.com

Homeowners Paying 30% or More Income for Housing (2010 – 2014)

Source: U.S. Census Bureau (2005-2009 American Community Survey 5-year Estimates and 2010-2014 American Community Survey 5-year Estimates) and UsEconomicResearch.com

Home Ownership Rates (2005 – 2009 to 2010 – 2014)