5 affordable places to live in Arizona
Home to the Grand Canyon and other national parks, Arizona is known for its hot, dry climate. Summers in Arizona are not for the faint of heart, but winters are notably mild. Here are five affordable cities you can find throughout the state.
1. Tucson
Home to the University of Arizona, much of Tucson's economy revolves around the college itself, though a number of large companies have a presence in Tucson. The city is also known for its annual Folk Festival and Festival of Books. The median home value in Tucson is $146,500, according to Niche. That's well below the median home value statewide, which is $277,574, according to Zillow. Meanwhile, the average property tax rate in Pima County, where Tucson is located, is 0.81% of a home's assessed value. That's just a bit higher than the average property tax rate statewide -- 0.72%.
2. Mesa
Located about 20 miles east of Phoenix, Mesa is known for its scorching hot summers, coffee shops, and parks. There are a number of large companies that have a presence in Mesa as well. The median home value in Mesa is $209,700, while the average property tax rate in Maricopa County, where Mesa is located, is 0.59% of a home's assessed value. That's a bit below the average property tax rate statewide.
3. Phoenix
Arizona's capital is unique in that it's divided into urban villages, each with its own planning committee. The city also has numerous performing arts venues, museums, and restaurants, which are a draw for young professionals in particular. The median home value in Phoenix is $217,400, while the average property tax rate in Maricopa County, where Phoenix is located, is 0.59% of a home's assessed value.
4. Tempe
Located about 15 minutes from Phoenix, Tempe is home to many restaurants and parks. There are a number of financial institutions with a presence in Tempe that contribute to its economy. The median home value in Tempe is $255,800, while the average property tax rate in Maricopa County, where Tempe is located, is 0.59% of a home's assessed value.
5. Scottsdale
Scottsdale is another vibrant Arizona city known for its restaurants, bars, coffee shops, and parks. Scottsdale is home to young professionals and retirees alike, and its economy is centered on tourism. The median home value in Scottsdale is $455,900, which is high for Arizona. But property taxes are reasonable. Scottsdale is located in Maricopa County, whose average property tax rate is 0.59% of a home's assessed value.
To snag an affordable mortgage in Arizona, work on improving your credit score and lowering your debt-to-income ratio, which measures your ongoing debt obligations relative to your income. Doing these things will make you a more appealing loan candidate, which could result in major savings. And remember, the lower your mortgage rate, the more affordable your home becomes.
Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
