It’s cheaper to own a home or rent one in Phoenix than in the average U.S. city. That’s not news. But a new analysis finds that in most cities, urban dwellers pay a higher percentage of their income for either a new mortgage or for rent than do their suburban and rural counterparts. Yet in the Phoenix metro area, it’s the suburbanites who pay more.
The costs of urban living are acute in some cities. In urban areas of the Seattle metro area, for example, new buyers would spend on average 40.4 percent of their income on their mortgage payment, the analysis by Zillow found.
The analysis also found that in Phoenix and across the country, renters signing a new lease typically take on a bigger financial burden than do new homeowners, “in large part due to still-low interest rates for buyers,” Zillow said.
The median home value, according to Zillow:
- Urban: $ 218864
- Suburban: $ 270052
- Rural: $ 219058
For comparison, here are the average sales prices for existing homes across NoPho in August:
- Desert Hills/New River: $431,331
- Anthem Parkside: $333,112
- Anthem Country Club: $437,848
- Tramonto/Sonoran Foothills: $370,318
- Norterra Area: $410,121
See the full monthly analysis of NoPho home sales here.