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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