Best Places for Homeownership in Arizona!

Photo by NERDWALLET

Arizona continues to be one of the fastest-growing states in the country, adding 217,834 new residents between July 1, 2010 and July 1, 2013 according to the U.S. Census Bureau. While realtors note this growth as a sign of economic turnaround, the state may see even more improvement when a new Apple plant opens in the Phoenix suburb of Mesa. If you’re interested in moving to the Silicon Desert, NerdWallet analyzed the 64 Arizona places with more than 10,000 residents to find the best places for homeownership in the state.

Our analysis answers three main questions:

1. Are homes available?
We looked at the area’s homeownership rate to determine the availability of homes. A low homeownership rate is likely a signal of competitive inventory, more options for renters rather than buyers and expensive housing. Areas with a high homeownership rate led to a higher overall score.

2. Can you afford to live there?
We looked at median household income, monthly homeowner costs and median home value to assess affordability and determine whether residents could live comfortably in the area. We used monthly homeowner costs to measure cost of living. Areas with high median incomes and low cost of living scored higher. Thinking of buying a home yourself? Check out our mortgage tool to find the best rate.

3. Is the area growing?
We measured population growth to ensure that the area is attracting new residents and showing signs of solid growth. This is likely a signal of a robust local economy, which is another attractive characteristic for homebuyers.

Two of the Best places to own a Home in Arizona:

1. Maricopa

Located in the Gila River Valley, Maricopa saw a population increase of 19.6% between 2010 and 2012. The median household income is $5,382 per month, and 28.9% of the income is devoted to homeowner costs. The median home value in Maricopa is $132,100, and 80.1% of homes are owned rather than rented. The city is home to the Ak-Chin Him-Dak Eco-Museum and Archive, which displays pottery stone tools, jewelry, baskets, and other artifacts of the Ak-Chin people. The Ak-Chin community is also responsible for one of the largest employers in the city, Harrah’s Ak-Chin Hotel and Casino.

2. San Tan Valley

Located in the southeastern Phoenix suburbs, San Tan Valley saw the highest population growth on NerdWallet’s list, expanding by 20.9% between 2010 and 2012. Though it has not yet incorporated as its own town, this census-designated place received its own postal code in 2009. The median monthly household income is $4,883, and 29.3% of income is devoted to homeowner costs. The median home value is $126,300, and the homeownership rate is 74%.

 Credits to:
Sarah Schweppe ~ Writer