With the current real estate climate in Arizona, it is challenging to find affordable places to live. The median home value price in Arizona is $366,300. With normal maintenance costs, it can be a bit challenging to own a home on the average annual salary in Arizona. However, there are some more affordable places to live in Arizona.
Oro Valley is a suburb area and it is about 6 miles from Tucson. This area is about 100 miles from Phoenix and has experienced growth in population. It has become an important tech hub in Arizona with many companies having their main offices in the city. There is high earning potential and low cost of living because of this. The median value of a home in Oro Valley is $304,300 and is only expected to increase by 1% this coming year.
Most residents in this area are said to be in a healthy financial place. The city invites employment opportunities and new businesses. There are some larger business delivery centers that have moved in since 2018. The median home value in Gilbert is $377,600 and the median income is $82,424.
Surprisingly enough it is one of the more affordable places to live in Arizona even though it is the capital which is a highly populated region. Just because it is the most populated and the capital, it doesn’t follow the typical financial trajectory as most larger capital cities. Phoenix is actually considered to be the 13th most affordable city to live in and work as of 2019. The average salary in the city is $74,000 and the average monthly rent is $1,178. This calculates to each resident having about 81% of their salary left over each month. This is the city that is known for affordable housing and year-round sunshine with a growing entrepreneurial community.
Related: How much annual income do you need to live comfortably in Phoenix?
Prescott is located in Arizona Yavapai County. This city is also known as one of the most affordable places to live in the United States. The median household income in Prescott is $45,000. This area is also known for great weather that includes all four seasons with a beautiful amount of snow in the winter.
Chandler is a town that was developed by 1980 and was land that was purchased by a veterinary surgeon that wanted to study irrigation practices. The median home value in Chandler is $317,000. The city has a low cost of living. All the utilities, groceries, and transportation costs are below the national average. This area also offers lots of activities year-round which includes festivals as well.
This insight gives you options when looking for affordable places to live in Arizona. You can live in a city with the hustle and bustle or a more rural or suburban area.
Are you looking for more help navigating the real estate market during these confusing times? Check out more informative articles here on our blog. For more information on Peoria real estate, Paradise Valley homes for sale, Phoenix real estate market and Glendale AZ property, contact my office at any time.
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