If you’re pondering about buying or selling a home, there are certain factors that should be considered when determining the “cost of living” in Arizona. When it comes to real estate, the cost of living is a major consideration for many people seeking a new place to live. As a high-growth state, Arizona has a diverse landscape that attracts investors and business owners from around the world. Although, in general, the cost of living in Arizona is affordable, the specific cost of living will rely on where you decide to live within the state. For example, the difference between Phoenix and Tucson is significant. In this article, we’re looking at what you need to know about the cost of living in Arizona as it relates to real estate.
Average Home Price In Arizona
The median home price in Arizona is $383,799, which equates to a 30% rise over the past year. This shows that home values in Arizona are continuing to rise, making it a great time to purchase if you’re looking to build equity. Of course, home values vary significantly depending on the location in Arizona. Here are some counties in Arizona and the average home price:
Maricopa County Average Home Price
The moderate home price in Maricopa County is $441,000. This is an increase from $387,000 from the same time last year. The average home spends around 41 days on the market in Maricopa.
Pima County Average Home Price
The standard home price in Pima County is $305,000. This is an increase from $255,000 at the same time last year. The average home spends around 49 days on the market in Pima County.
Yavapai County Average Home Price
The average home price in Yavapai County is $349,000. This is an increase from $318,500 at the same time last year. The average home spends around 54 days on the market in Yavapai.
Pinal County Average Home Price
The average home price in Pinal County is $335,000. This is an increase from $260,000 at the same time last year. The average home spends around 45 days on the market in Pinal.
Of course, real estate values are only one part of the equation when determining the cost of living. Here are some other expenses that homebuyers in Arizona should also consider.
Living Costs in Arizona: Utilities
Arizona is recognized for its hot and dry climate, so it makes sense that households in Arizona pay higher utility costs on average than many other U.S. cities. However, it’s important to note that utility costs vary from city to city, so it’s crucial that you do your research before buying a home in Arizona.
Living Costs in Arizona: Groceries
Grocery store and produce prices in Arizona are in keeping with the national average. Of course, this varies somewhat from city to city. For example, groceries in Surprise are 7% lower than the national average. In contrast, groceries in Flagstaff are 2% higher than the national average.
Living Costs in Arizona: Taxes
Income tax for residents in Arizona generally doesn’t exceed 4.5%. However, it should be noted that Arizona does have a sales tax rate of up to 8.4%, making it one of the highest in the U.S. This could mean that your purchasing power is reduced if you choose to buy a home in Arizona.
If you’re pondering about buying a home in Arizona, be sure to research the cost of living and how it may impact your bottom line.