Phoenix has long been recognized as a place to go if you want to buy a home at a reasonable price. With its year-round sunny desert landscape, vibrant Southwestern culture and cuisine, Phoenix Metroplex is one of America’s most popular relocation cities. Many Phoenix districts offer affordable homes and strong employment prospects to people priced from more expensive cities.
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Phoenix is becoming more and more expensive as it migrates from other American cities and towns, but there are still plenty of places in the inland and suburbs of the town where you can buy a home for less than $ 500,000. First, we’ll show you the potential to find a cost-effective home in the local real estate market, and then we’ll introduce you to some of the most affordable areas to call homes.
Phoenix is a bargain compared to other cities
Living in Phoenix is generally cheaper than hotspots in most major cities. As of February 22, 2022, Phoenix’s average home selling price for single-family homes was $ 440,000, compared to $ 340,000 for the same period last year.
The median price is expected to skyrocket by $ 100,000 a year and continue to rise, but there are more reasons to seriously consider moving to Phoenix before the final price drops.Also, the average interest rate For 30-year fixed mortgages, the overall percentage point increased from 3.11% in January to 4.12% in February. It is important to take advantage of home selling prices and mortgage rates while they are still achievable.
Compared to other more expensive cities, Phoenix’s median home selling price is below $ 500,000, ranked 7th, and the purchase price is ranked above 6 other It’s cheaper than the city.
Affordable housing supply in Phoenix
As you can imagine, the high demand for homes in the valley since the beginning of the pandemic has reduced the number of homes available for sale, but not entirely. Analysts at TheCromford © Report say that most of the shortages are at the high end of the luxury home market, not in the affordable suburbs. Competition is still fierce, but these bargain barbs have more supply than last year. As of February 22, Maricopa County had 2,225 active listings for homes listed for less than $ 500,000. That’s only 10 shy, though it was on the market around the same time last year.
Affordable Phoenix Suburbs
There are many vast suburbs offering affordable housing in a safe and convenient location, with the outdoor activities and convenient amenities that many buyers want. Here are six suburbs that are the best places to build a house:
Afachuki Foot Hills
Median Home Sales Price: $ 419,950
Located at the foot of the South Mountains, Afachuky Foothills is a suburb of Phoenix in the East Valley, adjacent to Guadalupe and Tempe. Houses in this area are close to good schools, shopping and highway access.
Median Home Sales Price: $ 490,000
Known as Phoenix’s Tech Hub, Chandler is located in the South East Valley. Many tech companies such as PayPal, Intel and GoDaddy have shops here, making it one of the fastest growing regions of Phoenix Metro.
Median Home Sales Price: $ 410,000
Deer Valley is an urban village in northern Phoenix, adjacent to Glendale and Peoria, close to schools, shopping and entertainment venues. You can find well-maintained homes and plenty of spacious homes for growing families.
Median Home Sales Price: $ 427,000
Mesa, Arizona’s third-largest suburban city, is located in the East Valley of Phoenix Metro. It has a great school district, a family-friendly community, and frequent shopping and dining in downtown Chandler and Gilbert. In addition, Mesa has its own airport!
Median Home Sales Price: $ 419,000
This affordable historic center is culturally and architecturally rich. Garfield is within walking distance of downtown and is a great place for local entrepreneurs to set up startups.Spurred on economic growth, Many studios, businesses and restaurants call Garfield home. You can do so, especially if you like the historic fixer upper mods.
Median Home Sales Price: $ 458,000
Overflowing with vast urban areas, Tempe is bike-friendly, easy to walk and one of the most affordable areas in the metro area. Tempe is home to Arizona State University, one of the best schools in the United States. It is also one of Tempe’s largest employers. In addition, Tempe has good public transport and easy access to major highways.
Find your eternal home with Halpern Residential
We work hard every day to help people like you move and find a good neighborhood to talk to you. The metro area is made up of numerous diverse regions and suburbs that create beautiful tapestries of culture and experience that make Phoenix a desirable destination today. If you are interested in buying a home in Phoenix without breaking your bank, please contact us by phone. We will help you find your foothold in one of the most beautiful places in the United States.
author: Trevor H. Halpern, JD, is Phoenix-based North & Co’s No. 1 independent agent. And CEO Halpan Residential Real estate group. Originally from Phoenix, Halpan has a deep knowledge of both people and property, which has allowed clients to succeed everywhere in the city. As a graduate of Arizona State University’s Faculty of Law, Harpan is proud to offer a high level of strategy, efficient negotiation, and accurate tactical execution. Since 2011, Halpern has sold over $ 130 million in real estate and is among the top 1% of realtors in the Greater Phoenix region.