AZ Real Table State - Table AZ Homes para la venta |Zillow (2024)

FAQs

Why are AZ houses so expensive? ›

The influx pushed housing prices steadily higher. At the same time, restrictions on development, public opposition to growth and severe disruptions to the supply chain for building materials limited the construction of new housing.

What is the median house cost in Arizona? The median-price of a home in Arizona was $352,536 in December of 2023, according to data from Arizona Realtors. The median will differ depending on where in Arizona you're looking, though — for example, in Phoenix it was $444,785.

People move in Arizona for its sunny weather, abundant recreational opportunities, strong job market, and cultural richness. The state boasts warm weather year-round, a lower cost of living than many coastal areas, and stunning natural beauty with deserts, mountains, and the Grand Canyon.

The current real estate market conditions in Arizona are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.01%, marking a decline from approximately 8% in the preceding year of 2023.

It is usually cheaper to buy a home than build a new one. However, by building your own home you get a brand-new residence, customized to your needs. It costs $295,580 on average to build a home in Arizona. This figure can add up to $445,580 if you include land costs, excavations, permits, and other expenses.

Both states are among the top in the U.S. for drawing new residents, but overall Florida is more affordable. The median price of an Arizona house was $434,300 in July, according to the latest data from real estate brokerage Redfin. Florida's median home price was $404,100. But prices vary a lot by city in both states.

If your credit score is at least 580, you may qualify for a mortgage with a down payment of just 3.5%. If your credit score is between 500 and 580, you may qualify for an FHA loan, but you must put at least 10% of the purchase price down. You must pay FHA mortgage insurance when taking out an FHA loan.

What is the best part of Arizona to retire? ›

In fact, the Grand Canyon State is the home of the best city to retire in 2024, according to Niche.com's latest rankings. The website considered factors like crime rates, housing costs, diversity, and demographics — and Scottsdale came out on top.

SUNNY AND HOT

In Phoenix, we see about 300 sunny days. Yuma, in southwest Arizona, is the sunniest city in the state with more than 320 sunny days. Even in Flagstaff, in the mountains, we see about 260 days with sunshine.

Arizona is currently ranked 3^rd in the United States for its economic outlook. This is a forward-looking forecast based on the state's standing (equal-weighted average) in 15 important state policy variables. Data reflect state and local rates and revenues and any effect of federal deductibility.

It takes an hourly wage of $40.24 or an annual salary of $83,699 for a single adult to sustain comfortable living standards. For a household of four, it takes about $215,000.

To be eligible for classification as an Arizona resident for tuition purposes, a person must be able to prove continuous physical presence in Arizona for at least 12 months immediately preceding the semester of application.

Tucson, AZ:

Contrastingly, Tucson, another significant MSA in Arizona, is predicted to see a slight decline of -0.1% in housing prices by February 29, 2024. However, the market is expected to rebound with a 0.2% increase by April 30, 2024, and a more considerable 4.8% surge by January 31, 2025.

Housing shortage

According to the ASU research report, Arizona is short 270,000 housing units, and there are only 26 rentals available for every 100 extremely low-income households. Cook-Davis said the main challenges the developers cited were building costs, zoning issues and opposition from neighbors.

The cost of living in Arizona is 6% higher than the national average. Housing is 18% higher than the national average, while utilities are 4% lower. When it comes to basic necessities such as food and clothing, groceries are around 2% higher than in the rest of the country, while clothing costs 2% higher.

The answer may surprise you. Are homes less expensive in Arizona or Florida? Both states are among the top in the U.S. for drawing new residents, but overall Florida is more affordable.