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Greater Phoenix is one of the most
affordable major metro areas in the U.S.

Overall cost of living in Greater Phoenix is below the national average. It is interesting to note that metropolitan area cost of living tends to increase proportionally with population size. Given that fact, Greater Phoenix is one of the most affordable major metropolitan areas in the country.           

 

ACCRA Cost of Living Index-Greater Phoenix
Year/4th Qtr
Composite
Grocery
Housing
Utilities

Transportation
Health Care
Misc
 
1993 103.6 101.3 96.3 103.1 116.8 121.9 104.0
1994 101.2 105.0 94.2 102.3 110.6 109.5 101.1
1995 101.4 104.3 93.6 107.6 111.7 116.9 99.4
1996 102.5 105.2 97.5 106.6 113.7 115.0 99.2
1997 103.6 104.6 101.0 105.3 114.3 114.4 100.1
1998 101.6 103.7 96.9 106.5 113.1 111.6 98.4
1999 102.4 101.7 100.9 102.4 108.7 115.7 100.0
2000 102.5 104.9 100.9 101.2 109.1 118.8 98.6
2001 100.2 99.6 96.8 96.0 105.2 112.0 101.2
2002 95.1 102.8 83.8 97.1 103.8 108.4 95.9
2003 97.2 102.0 86.1 91.1 107.1 111.4 102.0

Note: US Average = 100.0. The Index compares the cost of maintaining a standard of living appropriate for moderately affluent professional and managerial households (annual income over $70,000 in most parts of the country)
.

Source: American Chamber of Commerce Research Association

Housing costs are one of the largest components of cost of living

  • The Greater Phoenix area offers a wide variety of new and existing homes
  • Housing costs in Greater Phoenix are well below many other major metropolitan areas
  • Greater Phoenix is more than 9 percent below the national average based on sales prices for existing single family homes
  • The recent residential construction boom has created close to 84,000 new units over the past three years

Median Sales Price of Existing
Single Family Homes

Metro Area Existing Home Price
 
Houston $136,900
Tampa $138,600
Albuquerque $140,100
Greater Phoenix $152,500
Salt Lake City $152,700
Las Vegas $177,100
Minneapolis $197,100
Portland $197,400
Reno $203,500
Riverside/San Bernardino $212,600
Denver $237,900
Chicago $241,900
Los Angeles $337,200
New York $350,900
Boston $409,100
San Francisco $560,200
U.S. Average $168,900
 

Source: National Association of Realtors
* 2nd Quarter Data

 

Greater Phoenix Home Sales-Single Family Homes

New

Resale

Total
 
Median Sales Price
1990 $109,300 $79,000 $86,390
1991 $107,500 $80,000 $87,600
1992 $108,800 $83,000 $90,175
1993 $112,500 $84,000 $92,700
1994 $124,475 $87,225 $100,000
1995 $127,600 $90,500 $105,100
1996 $130,750 $97,000 $111,400
1997 $136,130 $105,000 $116,230
1998 $139,070 $113,585 $122,000
1999 $146,710 $120,000 $129,000
2000 $150,770 $128,900 $136,280
2001 $156,560 $136,000 $142,680
Number of Sales
1990 7,910 25,250 33,160
1991 8,575 24,715 33,290
1992 11,200 26,570 37,770
1993 14,100 36,480 50,580
1994 17,000 39,320 56,320
1995 18,170 37,700 55,870
1996 25,100 43,775 68,875
1997 23,870 45,620 69,490
1998 27,600 53,075 80,675
1999 28,120 56,365 84,485
2000 28,235 55,370 83,605
2001 28,005 61,155 89,160
 
Source: Arizona Real Estate Center
Arizona State University.

 

 

 

Scottsdale Real Estate Services from Tim Rogers

 

Scottsdale Real Estate and Scottsdale homes for sale buyers agent Tim Rogers representing home buyers interested in homes for sale in Scottsdale and Valley communities.

The links below to Scottsdale Real Estate Scottsdale homes for sale Scottsdale Relocation and Real Estate Services are to assist my clients with professional real estate and relocation services in their search for homes for sale in Valley communities

Scottsdale Real Estate - West Valley Communities è West Valley homes for sale community info and demographics

Real Estate Glossary

This list is provided for reference only. Each state has it's own real estate laws, terms and regulations for Realtors. In Arizona, your Realtor and Title Company handle most real estate transaction activities that involve attorneys in many other states. However, you have the right to seek the advice of an attorney or other professional counsel in any real estate transaction.

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Scottsdale & Phoenix Realtor® Tim Rogers
REMAX ACHIEVERS at the Biltmore
2801 E. Camelback Rd, Suite 105
Phoenix, Arizona 85254
 
   
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