Special Report

The Cheapest and Most Expensive Housing Markets in Arizona

monkeybusinessimages / iStock via Getty Images

Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs. 

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Arizona cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Arizona is worth $321,400. But across the 38 cities and towns in the state with populations of at least 25,000, median home values range from only about $156,000 to more than $650,000.

In any local market, home prices are often a reflection of what residents can afford. In Arizona, many of the least expensive cities for homebuyers are not high-income areas. Of the 38 Arizona cities with available data from the ACS, 20 have a median home value that is less than the statewide median. In all but six of these places, the typical household earns less than the statewide median household income of $72,581. Similarly, most of Arizona’s more expensive housing markets have higher earning populations.

These are the cheapest and most expensive housing markets in Arizona.

38. Fortuna Foothills

Source: Public Domain / Wikimedia Commons
  • Median home value: $156,000
  • Homes worth over $1 million: 0.3%
  • Homeownership rate: 82.7%
  • Median household income: $55,347
  • Total population: 27,552

37. San Luis

Source: kenlund / Flickr
  • Median home value: $171,700
  • Homes worth over $1 million: 0.0%
  • Homeownership rate: 64.4%
  • Median household income: $46,747
  • Total population: 35,189

36. Apache Junction

Source: pagedooley / Flickr
  • Median home value: $174,100
  • Homes worth over $1 million: 0.4%
  • Homeownership rate: 77.8%
  • Median household income: $56,209
  • Total population: 38,855

35. Yuma

Source: DenisTangneyJr / iStock via Getty Images
  • Median home value: $186,500
  • Homes worth over $1 million: 0.2%
  • Homeownership rate: 64.3%
  • Median household income: $59,312
  • Total population: 96,314

34. Bullhead City

Source: RobertSilberblatt / iStock via Getty Images
  • Median home value: $187,100
  • Homes worth over $1 million: 0.7%
  • Homeownership rate: 65.1%
  • Median household income: $47,129
  • Total population: 41,593

33. Drexel Heights

Source: Public Domain / WIkimedia Commons
  • Median home value: $200,200
  • Homes worth over $1 million: 0.4%
  • Homeownership rate: 78.2%
  • Median household income: $72,567
  • Total population: 30,254

32. Sierra Vista

Source: razyph / iStock via Getty Images
  • Median home value: $215,900
  • Homes worth over $1 million: 0.7%
  • Homeownership rate: 61.5%
  • Median household income: $70,899
  • Total population: 45,212

31. Tucson

Source: Sean Pavone / iStock via Getty Images
  • Median home value: $218,200
  • Homes worth over $1 million: 0.9%
  • Homeownership rate: 50.9%
  • Median household income: $52,049
  • Total population: 541,033

30. Casa Grande

Source: Cheri Alguire / iStock via Getty Images
  • Median home value: $219,900
  • Homes worth over $1 million: 0.1%
  • Homeownership rate: 69.8%
  • Median household income: $64,535
  • Total population: 55,186

29. Kingman

Source: M. Kaercher / iStock via Getty Images
  • Median home value: $220,100
  • Homes worth over $1 million: 1.4%
  • Homeownership rate: 64.5%
  • Median household income: $56,360
  • Total population: 33,052

28. Sun City

  • Median home value: $233,600
  • Homes worth over $1 million: 1.0%
  • Homeownership rate: 83.5%
  • Median household income: $51,263
  • Total population: 37,748

27. El Mirage

Source: walmartcorporate / Flickr
  • Median home value: $246,800
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 68.6%
  • Median household income: $72,134
  • Total population: 35,652

26. Casas Adobes

  • Median home value: $281,000
  • Homes worth over $1 million: 0.8%
  • Homeownership rate: 65.6%
  • Median household income: $75,997
  • Total population: 69,917

25. Maricopa

Source: neepster / Wikimedia Commons
  • Median home value: $292,300
  • Homes worth over $1 million: 0.9%
  • Homeownership rate: 82.9%
  • Median household income: $88,795
  • Total population: 59,605

24. Florence

Source: BOB WESTON / iStock via Getty Images
  • Median home value: $298,900
  • Homes worth over $1 million: 0.1%
  • Homeownership rate: 82.7%
  • Median household income: $74,025
  • Total population: 25,783

23. San Tan Valley

Source: MattGush / iStock via Getty Images
  • Median home value: $304,000
  • Homes worth over $1 million: 1.7%
  • Homeownership rate: 80.4%
  • Median household income: $88,466
  • Total population: 101,207

22. Avondale

Source: photovs / iStock via Getty Images
  • Median home value: $306,000
  • Homes worth over $1 million: 0.2%
  • Homeownership rate: 59.6%
  • Median household income: $76,496
  • Total population: 89,214

21. Glendale

Source: dszc / iStock via Getty Images
  • Median home value: $310,000
  • Homes worth over $1 million: 1.2%
  • Homeownership rate: 57.2%
  • Median household income: $66,375
  • Total population: 248,083

20. Sahuarita

Source: Musides / Wikimedia Commons
  • Median home value: $314,600
  • Homes worth over $1 million: 1.4%
  • Homeownership rate: 80.5%
  • Median household income: $97,133
  • Total population: 34,238

19. Sun City West

Source: BCFC / iStock Editorial via Getty Images
  • Median home value: $316,900
  • Homes worth over $1 million: 0.8%
  • Homeownership rate: 87.9%
  • Median household income: $61,941
  • Total population: 26,639

18. Mesa

Source: DenisTangneyJr / iStock via Getty Images
  • Median home value: $327,700
  • Homes worth over $1 million: 1.7%
  • Homeownership rate: 63.2%
  • Median household income: $73,766
  • Total population: 503,390

17. Phoenix

Source: dszc / E+ via Getty Images
  • Median home value: $340,200
  • Homes worth over $1 million: 3.8%
  • Homeownership rate: 56.4%
  • Median household income: $72,092
  • Total population: 1,609,456

16. Buckeye

  • Median home value: $341,700
  • Homes worth over $1 million: 1.1%
  • Homeownership rate: 85.3%
  • Median household income: $94,188
  • Total population: 95,042

15. Prescott Valley

Source: equigini / iStock via Getty Images
  • Median home value: $341,900
  • Homes worth over $1 million: 0.1%
  • Homeownership rate: 71.2%
  • Median household income: $66,617
  • Total population: 47,015

14. Marana

  • Median home value: $347,700
  • Homes worth over $1 million: 2.2%
  • Homeownership rate: 82.8%
  • Median household income: $105,624
  • Total population: 52,542

13. Surprise

Source: Public Domain / Wikimedia Commons
  • Median home value: $352,600
  • Homes worth over $1 million: 0.9%
  • Homeownership rate: 78.4%
  • Median household income: $87,756
  • Total population: 145,591

12. Lake Havasu City

Source: DenisTangneyJr / iStock via Getty Images
  • Median home value: $363,300
  • Homes worth over $1 million: 2.8%
  • Homeownership rate: 74.3%
  • Median household income: $64,027
  • Total population: 57,294

11. Tempe

Source: JeffreyRasmussen / iStock via Getty Images
  • Median home value: $382,100
  • Homes worth over $1 million: 2.3%
  • Homeownership rate: 40.7%
  • Median household income: $72,022
  • Total population: 181,005

10. Peoria

Source: EuToch / iStock via Getty Images
  • Median home value: $383,600
  • Homes worth over $1 million: 3.0%
  • Homeownership rate: 75.0%
  • Median household income: $86,759
  • Total population: 191,292

9. Goodyear

  • Median home value: $396,100
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 77.8%
  • Median household income: $97,307
  • Total population: 97,542

8. Oro Valley

Source: Jacob Boomsma / iStock via Getty Images
  • Median home value: $404,500
  • Homes worth over $1 million: 3.8%
  • Homeownership rate: 76.7%
  • Median household income: $101,394
  • Total population: 47,053

7. Chandler

Source: DenisTangneyJr / iStock via Getty Images
  • Median home value: $423,900
  • Homes worth over $1 million: 2.7%
  • Homeownership rate: 64.6%
  • Median household income: $99,374
  • Total population: 275,618

6. Gilbert

Source: DenisTangneyJr / iStock via Getty Images
  • Median home value: $454,300
  • Homes worth over $1 million: 4.0%
  • Homeownership rate: 74.7%
  • Median household income: $115,179
  • Total population: 267,267

5. Flagstaff

Source: Md Esharuzzaman Emu / iStock via Getty Images
  • Median home value: $466,600
  • Homes worth over $1 million: 5.6%
  • Homeownership rate: 43.1%
  • Median household income: $65,652
  • Total population: 76,177

4. Prescott

Source: Althom / iStock Editorial via Getty Images
  • Median home value: $473,900
  • Homes worth over $1 million: 4.6%
  • Homeownership rate: 69.4%
  • Median household income: $66,330
  • Total population: 46,054

3. Queen Creek

Source: Christopher Harris / iStock via Getty Images
  • Median home value: $493,700
  • Homes worth over $1 million: 3.4%
  • Homeownership rate: 88.6%
  • Median household income: $127,182
  • Total population: 61,788

2. Catalina Foothills

Source: benedek / iStock Unreleased via Getty Images
  • Median home value: $560,400
  • Homes worth over $1 million: 12.7%
  • Homeownership rate: 74.2%
  • Median household income: $110,660
  • Total population: 50,573

1. Scottsdale

Source: BCFC / iStock via Getty Images
  • Median home value: $651,800
  • Homes worth over $1 million: 23.2%
  • Homeownership rate: 67.0%
  • Median household income: $104,197
  • Total population: 240,537
Rank Places in Arizona with at least 25,000 residents Median home value ($) Homeownership rate (%) Median household income ($) Total Population
1 Scottsdale 651,800 67.0 104,197 240,537
2 Catalina Foothills 560,400 74.2 110,660 50,573
3 Queen Creek 493,700 88.6 127,182 61,788
4 Prescott 473,900 69.4 66,330 46,054
5 Flagstaff 466,600 43.1 65,652 76,177
6 Gilbert 454,300 74.7 115,179 267,267
7 Chandler 423,900 64.6 99,374 275,618
8 Oro Valley 404,500 76.7 101,394 47,053
9 Goodyear 396,100 77.8 97,307 97,542
10 Peoria 383,600 75.0 86,759 191,292
11 Tempe 382,100 40.7 72,022 181,005
12 Lake Havasu City 363,300 74.3 64,027 57,294
13 Surprise 352,600 78.4 87,756 145,591
14 Marana 347,700 82.8 105,624 52,542
15 Prescott Valley 341,900 71.2 66,617 47,015
16 Buckeye 341,700 85.3 94,188 95,042
17 Phoenix 340,200 56.4 72,092 1,609,456
18 Mesa 327,700 63.2 73,766 503,390
19 Sun City West 316,900 87.9 61,941 26,639
20 Sahuarita 314,600 80.5 97,133 34,238
21 Glendale 310,000 57.2 66,375 248,083
22 Avondale 306,000 59.6 76,496 89,214
23 San Tan Valley 304,000 80.4 88,466 101,207
24 Florence 298,900 82.7 74,025 25,783
25 Maricopa 292,300 82.9 88,795 59,605
26 Casas Adobes 281,000 65.6 75,997 69,917
27 El Mirage 246,800 68.6 72,134 35,652
28 Sun City 233,600 83.5 51,263 37,748
29 Kingman 220,100 64.5 56,360 33,052
30 Casa Grande 219,900 69.8 64,535 55,186
31 Tucson 218,200 50.9 52,049 541,033
32 Sierra Vista 215,900 61.5 70,899 45,212
33 Drexel Heights 200,200 78.2 72,567 30,254
34 Bullhead City 187,100 65.1 47,129 41,593
35 Yuma 186,500 64.3 59,312 96,314
36 Apache Junction 174,100 77.8 56,209 38,855
37 San Luis 171,700 64.4 46,747 35,189
38 Fortuna Foothills 156,000 82.7 55,347 27,552

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