About the Phoenix / Scottsdale Housing Market
Phoenix is the capital of Arizona and the fifth-largest city in the United States. It is located in the northeastern reaches of the Sonoran Desert, and has a hot desert climate. Despite this, its canal system led to a thriving farming community with the original settlers’ crops remaining important parts of the Phoenix economy for decades, such as alfalfa, cotton, citrus, and hay. Cotton, cattle, citrus, climate, and copper were known locally as the “Five C’s” anchoring Phoenix’s economy.
The average household income in Phoenix is $80,631 with a poverty rate of 20.31%. The median rental costs in recent years comes to $2,076 per month, and the median house value is $404,818. The median age in Phoenix is 33.9 years, 33.3 years for males, and 34.6 years for females.
The real estate market in Phoenix and Scottsdale has been strong in recent years, with a growing number of people relocating to the area and a limited supply of available housing.
Median Household Income: $64,927
Metro Population: 1,651,344
11-Year Population Growth: 18.1%
Median Home Price: $404,818
Median Rent Per Month: $2,076
1-Year Equity Growth: 17.1%
1-Year Rent Growth: 15.6%
8-Year Rent Growth (January 2014 – December 2022): 62%
Job Growth: +151,700 CES jobs created over the last year
1-Year Job Growth Rate: 4.2%
Unemployment Rate: 2.9% (22% lower than the national average)
Tenant Laws: Landlord-Friendly
What to Like
Low taxes
Low crime rate
Warm weather
Affordable cost of living
What to Watch Out For
Extreme heat
Poor air quality
Lack of public transport
Dangerous wildlife
– Strong economy: Phoenix and Scottsdale have diversified economies with thriving industries such as healthcare, finance, and technology. This has led to job growth and a strong local economy.
– Real estate market: The real estate market in Phoenix and Scottsdale has been strong in recent years, with a growing number of people relocating to the area and a limited supply of available housing.
– Phoenix and Scottsdale are home to some of the best healthcare facilities in the US, including the Mayo Clinic and the Barrow Neurological Institute.
– Education: The Phoenix and Scottsdale area has a number of high-quality schools, including Arizona State University, which is one of the largest public universities in the US.
– Overall, the growth in Phoenix and Scottsdale can be attributed to a combination of factors including a strong economy, affordable cost of living, quality of life, real estate market, healthcare, and education. As the area continues to develop, it is likely that these factors will continue to attract new residents and businesses to the region.
Affordable cost of living
The cost of living in the Phoenix and Scottsdale area is lower than the national average, making it an affordable place to live. This is especially true when it comes to housing, which is much cheaper in Phoenix than in other major cities.
Strong job growth
The Phoenix and Scottsdale area has a strong economy and a growing job market. This makes it a good place to find employment, especially in the tech, healthcare, and manufacturing sectors.
Steady rental income
According to a recent report by BiggerPockets, the average cash on cash return (CoC) for rental properties in the Phoenix and Scottsdale area is 7.1%. This means that for every $100 invested in a rental property in Phoenix, you can expect to earn $7.10 in cash flow each year.
Purchasing Property in Phoenix / Scottsdale
The Phoenix and Scottsdale area is known for its warm weather, with an average temperature of 75 degrees Fahrenheit. The city gets an average of only 8 inches of rain per year, so you can expect plenty of sunshine no matter what time of year you visit.
The Phoenix and Scottsdale area is a diverse city with a population that comes from all over the world. This diversity is reflected in the city’s food, art, and culture. There are many opportunities for hiking, biking, swimming, and golfing. The city also has a vibrant sports scene, with professional teams in baseball, basketball, football, and hockey.
Overall, the growth in Phoenix and Scottsdale can be attributed to a combination of factors including a strong economy, affordable cost of living, quality of life, real estate market, healthcare, and education. As the area continues to develop, it is likely that these factors will continue to attract new residents and businesses to the region.
Phoenix / Scottsdale, Arizona
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