Thinking of purchasing or renting a house, but confused between Phoenix versus Tucson? If so, you are in the right place. Here you can learn the basic difference in their housing market in Arizona. Read further to get a complete idea. Phoenix Versus Tucson: Median Home Value When it comes to Phoenix versus Tucson, it
Thinking of purchasing or renting a house, but confused between Phoenix versus Tucson? If so, you are in the right place. Here you can learn the basic difference in their housing market in Arizona. Read further to get a complete idea.
Phoenix Versus Tucson: Median Home Value
When it comes to Phoenix versus Tucson, it might be challenging for you to decide which place is best to live. Well, the median home value can be a major factor in determining which city is better to buy/rent your dream house. Both cities are popular for several reasons and offer you a wide range of amenities and features. However, their housing markets are greatly different. The average home value in Tucson is $271,800, which is quite affordable for United States citizens. Plus, it is less than the national average median home cost, which is $291,700.
On the other hand, Phoenix is one of the expensive housing markets. The median home cost in Phoenix is $346,100. Of course, this is incredibly high than the average house value in the country. The primary reason for the expensive housing market is that there is more demand for homes than the supply. Surprisingly, Arcadia has an average listing price of $1.2M, which makes it the most expensive neighborhood in the city. In other words, the main difference between these two cities is the cost of properties.
Home Appraisal and Tax Rate
You also need to know that the percentage of increase in home appraisal is another thing that you need to consider before purchasing a house in these cities. Moreover, when you check the appraisal of your desired house, you need to know the average rate of the city so you can verify it. The home appraisal of Tucson has increased by 23.8% in the last 12 years. In comparison, the home appraisal of Phoenix has risen around 27.4% in the last 12 months. You also need to know that these rates are much higher than the average appraisal rate in the United States, which is 15.0%.
You might also worry about the property tax rate you have to pay after purchasing a house. The good news is that both Tucson and Phoenix have low tax rates than the national average, which is $11.4. In Tucson, you need to pay approximately $9.5, whereas, in Phoenix, the average property tax rate is $6.1.
Average Rent Cost in Phoenix and Tucson
If you are thinking of renting a house in Phoenix or Tucson, you should know that both cities have affordable rents. If we talk about Tucson, the median rent value is $1,318. It is around $300 less than the average rent cost of the United States. In Phoenix, you can rent a house for $1,660, which is less than the country average of $1,681.
To make it clear, you also need to know that you can find a one-bedroom house for $706 in Tucson and $992 in Phoenix. In addition to that, you can find a rental studio apartment in Tucson for $617. Well, you should know that this price is pocket-friendly for most people in the country. Phoenix housing market is also affordable in terms of a rental studio apartment, and you can find one for $914.
Phoenix versus Tucson, which is the best place to live? If that’s what you are thinking, you should weigh in the factors like your budget, amenities, cost of living, and the advantages of living in these places. But most importantly, you need to think about your requirements and whether the city offers you these things.
Additionally, when you choose one of these cities, you need to search in the market to find your required house. In that case, you should know that Phoenix has fewer houses for rent than Tucson. Plus, you can find around 0.8% vacant houses for sale in Phoenix and 0.7% houses in Tucson. In other words, if supply is low in your chosen city, you need to work hard and wait for a while to rent or purchase a house. If you are planning to get a mortgage loan for your new house, you should read “How to Save Money While Paying a Mortgage.” This will help you make better and informed decisions.