Arizona homebuyers are getting a lot less home for their buck these days, at least according to a new report examining what can be bought for what is now the median price for a home in the U.S.
That price, about $400,000, won't get a whole lot in the Valley or the rest of the state, as most of the region's city's ranked in the lower half of the top 100 cities in the U.S.
The report, by Point2, a division of real estate data firm Yardi, found that the amount of home — the actual square footage available — ranges depending on where people are buying.
In Arizona, that price gets the biggest home in Tucson, where the median U.S. price is enough for a roughly 1,887-square-foot home, good enough to rank as the 49th best place, according to Point2.
The Valley's big cities did not rank as well. Phoenix ranked No. 70, with $400,000 able to afford a roughly 1,404-square-foot house, which ranked about the same as Gilbert.
On the cheaper side were Glendale and Mesa, which came in No. 63 and No. 69, respectively. In Glendale, the amount was enough for a 1,575-square-foot house, and in Mesa it was enough for a 1,471-square-foot house.
A little more expensive was Chandler at No. 73, wih an average 1,365-square-foot house available for $400,000.
The most expensive market in Arizona was Scottsdale, where the median price for a home will get buyers only 971 square feet of living space. Scottsdale ranked No. 84 on the list, sandwiched between Miami and Chula Vista, California.
Arizona has long billed itself as a place of affordable homes, but in the past few years as home prices have boomed in the Valley and state, questions of affordability of house have begun to be heard more frequently.
Arizona still remains affordable, but now moreso when compared with some of the highest-priced markets in the U.S. from Seattle, the greater Los Angeles area, San Diego and San Francisco on the West Cost.
The places where money can buy the most home tended to be in the Midwest, which had seven of the top 10 best value cities, topped with Detroit, Cleveland and Toledo, Ohio.
At the less affordable end of the spectrum were New York, San Francisco and Manhattan.
For a look a the complete report, click here.
No comments on this item Please log in to comment by clicking here