Quick facts: Phoenix, AZ

Quick Facts

112.3
Cost of Living
above US average
1,644,409
Population
41.34
Crime Rate per 1000
above US average
$72,092
Median Income
below US average
$465,000
Median House Price
above US average
$1758.42
Average Rent
above US average
15%
Poverty Rate
above US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $72,092.

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Income Needed to Buy

βœ— Stretch
$146k/year
Based on $465,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $146k vs median $72,092
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Income Needed to Rent

⚠ Stretch
$75k/year
Based on $1758.42/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $75k vs median $72,092
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Phoenix, AZ

Phoenix, Arizona, is the fifth most populous city in the United States and the state capital. Known for its year-round sun and warm temperatures, it is situated in the Valley of the Sun and serves as a major economic, cultural, and political hub in the Southwest. The city boasts a vibrant arts scene, with attractions like the Phoenix Art Museum and the Heard Museum, which showcases Native American culture. Outdoor enthusiasts can explore the scenic beauty of the surrounding Sonoran Desert, including hiking trails in the nearby Camelback Mountain and South Mountain Park. Phoenix is also home to numerous professional sports teams, including the Arizona Cardinals (NFL), Phoenix Suns (NBA), and Arizona Diamondbacks (MLB). The city is known for its diverse culinary scene, reflecting a blend of Southwestern, Mexican, and American influences. Major events, like the Arizona State Fair and the Waste Management Phoenix Open, contribute to its lively atmosphere. With its growing economy, particularly in technology and healthcare, Phoenix continues to attract new residents and businesses, making it an exciting place to live and visit.

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