As Surprise’s population continues to grow, new homebuyers are finding a relatively affordable experience in the city.
A newly released study from online finance site WalletHub ranked Surprise third in its latest “Most Affordable Cities for Home Buyers” list.
WalletHub studied 300 U.S. cities by nearly a dozen metrics, including home purchase and maintenance costs, tax rates and vacancy rates.
Surprise finished just behind two Michigan cities — Flint and Detroit — on the full national list, and tops among midsize cities, or those with between 150,000 and 300,000 people.
WalletHub editors found Surprise showed strong growth in property values with the 18th-highest median home price appreciation among the 300 cities in the study. But the overall cost of homeownership is lower because of the city’s eighth-lowest median real estate tax rate.
“When deciding where to buy, home prices alone aren’t a good enough indicator of how affordable things will be,” WalletHub analyst Chip Lupo said in the study. “You also have to consider how prices compare to incomes in the area, plus factor in things like the cost of living, maintenance expenses and taxes.”
Surprise was ranked to have the 11th-highest number of quarterly active listings per 1,000 residents. That gives homebuyers many properties from which to choose.
According to Realtor.com, the typical overall home value in Surprise is at around $437,000.
The study factored in housing and maintenance affordability, average cost of homeowner’s insurance, cost per square foot, taxes and vacancy rates as of mid-April.
The study used figures from the U.S. Census Bureau, the National Association of Realtors, Council for Community and Economic Research and Insurance Information Institute
Arizona’s Yuma was right behind Surprise on the list, making them the only two western cities to make the top 10. Peoria (22nd) and Gilbert (23rd) are also in the upper tier.
Akron, Ohio, rounded out the top five, followed by Pittsburgh; Memphis, Tennessee; Augusta, Georgia; Indianapolis and Cleveland.
Home prices have surged in recent years across the nation.
The median sales price rose nearly $100,000 over the last seven years, according to the study. But WalletHub editors said coupled with rising interest rates, homeownership is still not possible for many younger families.
Cris de la Torre, a professor of finance at the Monfort College of Business at University of Northern Colorado, said in the study that it shows the housing market will be tough for recent college graduates.
“I don’t see housing becoming more affordable in the near future,” de la Torre said in the study.
To see the full list, log on to wallethub.com/edu/most-affordable-cities-for-home-buyers/121950.
Jason Stone can be reached at jstone@iniusa.org. Submit comments at yourvalley.net/letters or email them to AzOpinions@iniusa.org. We are committed to publishing a wide variety of reader opinions, as long as they meet our Civility Guidelines.
Meet Jason Jason Stone joined Independent Newsmedia, Inc., USA, in 2019, after a distinguished three decade media career that included stops at the Arizona Republic, iHeart Media/Clear Channel and Beckett Sports Card magazine. He remembers when airports sold newspapers.
Community: He is a big supporter of the Valley's original sports team: The Phoenix Suns.
Education: Northern Arizona University with a BS in broadcast journalism and a minor in sports coaching.
Random Fact: The capital of Nebraska is Lincoln.
Hobbies: Surfing, backgammon and men who aren't afraid to cry.
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