A study by cnnMoney.com says that the median home price in Tucson is $148,200 (doesn't say how they came up with that) and that Tucson real estate is undervalued by 15%. It was overvalued by 27% in 2006, according to this study.
They arrive at these conclusions by comparing the median home price to population densities and historical premiums or discounts an area has experienced.
I'd like to see a comparision of what percentage of families earning the median income can afford the median-priced house. That seems like a more meaningful evaluation of value.
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