Phoenix continues to have the highest home price appreciation across the country, according to the PMI U.S. Market Risk Index, released Tuesday.

Homes values in the Valley jumped by 31.1 percent from first-quarter 2005 to first-quarter 2006, based on a review of repeat sales.

Still, according to PMI, Phoenix’s 6.02 percent employment growth over the same period should balance out the difference between price and affordability.

The index shows that a Phoenix household spends 37.9 percent of its income on a 30-year mortgage based on median income and median home price.

That’s less than the 42 percent paid by Fort Lauderdale, Fla., homeowners, who topped the spending list. Fort Worth, Texas, mortgages had the least impact on family budgets, taking just 19.6 percent of household income.

The PMI Risk Index measures geographic house-price risk by predicting the probability of a regional decline in home prices over the next two years for the nation’s 50 largest metro areas over the next two years. Phoenix clocked in with a 17.5 percent chance of decline.

Repeat sales information is taken from the Office of Federal Housing Enterprise Oversight, which measures average price changes in repeat sales or refinancings on the same properties.