0 0

4 Arizona Cities Better for Real Estate Investment Than Scottsdale or Phoenix

Read Time:5 Minute, 29 Second

Prices for homes are skyrocketing across America, with the average prices for homes increasing by over 16% from 2020 to 2021 alone. In some areas, however, the increased prices for homes have been even worse.

In Arizona, the cities of Scottsdale and Phoenix have noticed a dramatic increase, with home price values nearly doubling in less than two years. If you’re looking for a cheaper alternative to these expensive cities, here are a few ideas.

Why are Scottsdale and Phoenix So Expensive?

Supply and Demand

Across the United States, people are moving to more desirable areas. Covid caused a mass exodus from large cities like New York and Chicago, causing people to search for homes in more suburban or rural areas.

Additionally, an increase in income and shortage of rentals are causing an increasing demand for housing across the county. In Scottsdale and Phoenix, the story is not different. People are not only earning more, but they’re also willing to spend more.

With the skyrocketing costs of renting, people are looking to buy into the housing market, even if it means paying an outrageous price. In Arizona, this drives prices higher in Scottsdale and Phoenix.

Inability to build

When dealing with issues of supply and demand, the logical answer is to build additional housing. However, in Scottsdale and Phoenix, there is little opportunity to build.

Between the surrounding Indian reservations and national forests, both cities are landlocked. This stops developers from building on surrounding land. This further contributes to supply and demand problems.

Inflation

Inflation rates are currently at a 40 year high. The annual inflation rate is currently just over 8%, causing prices for goods and services to soar. The same is true for the housing market across the county and continues to contribute to the rising housing prices in Scottsdale and Phoenix.

Less Expensive Alternatives

Buckeye

Buckeye is a far west suburb of the Phoenix area. In the past few years, it has been one of the fastest growing cities in the United States. In 2020 its population was 91,502. Buckeye continues to expand and has plenty of room for growth.

The result of its rapid growth is more manageable housing prices. The current average price of a Buckeye home for sale is 486,000.

Buckeye is a desirable area for a variety of reasons:

  •     Location: Buckeye lies 30 miles to the west of downtown Phoenix. The average commute to a job in Phoenix is about 52 minutes. This makes it close enough for a daily commute, but far enough to enjoy the luxuries of small town living.
  •     Safety: Buckeye is a very safe place to live. In 2018, their crime rate was 175 per 100,000 people.
  •     Family-oriented neighborhoods: Buckeye has many family-friendly neighborhoods and has additional plans to construct more. Notable communities include Verrado and Tartesso. Homes for sale in Verrado are reasonably priced, and everything from shopping and dining to schools are nearby.
  •     Plenty of Activities to Enjoy: There are also many family-friendly activities to do in the area, such as hiking at Buckeye’s Skyline Regional Park or relaxing at the Buckeye Hills Recreation Area.

Glendale

Glendale is another superb of Phoenix located just nine miles to the northwest of the down. Unlike Buckeye, the city of Glendale is actually shrinking. their population according to the 2020 U.S. census was 248,325. This is down about 2000 people from the previous year.

The result is more affordable housing. The average home price in Glendale is similar to other suburbs at around $450,000. This makes Glendale a very affordable place to live.

There are many other reasons why a home in Glendale is very desirable:

  •     Short commute: A commute to downtown Phoenix takes under 30 minutes.
  •     Notable people and culture: Many professional athletes call Glendale home, such as Danny Cruz and Eddie Bonine. Glendale is also home to various historic buildings and is known as Arizona’s antique capital.
  •     Excellent employers: Glendale is home to a large Air Force base, that employs over 5000 people. Additionally, a large school system and health establishment create numerous jobs.
  •     Things to do: Glendale hosts two major sports venues. One is the home to the Arizona Cardinals, part of the NFL. The second is home to the Arizona Coyotes, part of the NHL. There are also many parks and gardens to explore within the city

Mesa

Also a superb of Phoenix, Mesa is a small city located 20 miles to the east of Phoenix. Downtown Phoenix is highly commutable at only about 30 minutes away by car.

In 2020, the population of Mesa was 504,258 people in 2020. The average home price in Mesa is slightly higher than other suburbs at 471,000. The city currently has several active home developments, such as Burden Orchard and La Jolla Villas.

Although it is large, living in Mesa has many benefits.

  •     Low crime rates: Mesa has a crime rate of 58.15 per 1,000 residents in an average year. The northeast side of the city is generally considered to be the safest.
  •     Excellent schools: Mesa has many excellent primary and secondary schools. They are also home to a number of colleges and universities, such as Mesa Community College and a campus of Arizona State University.
  •     Area attractions: In downtown Mesa, you can find a number of cultural attractions and things to do. There are numerous museums and public libraries located all over the city. Mesa is also home to a water park and the world’s largest Wurlitzer Organ.

Tolleson

Tolleson is a very small city located in Maricopa County. As of 2020, its population was only 7,216 according to the census. Although these numbers are small, the city is growing and has plenty of area to expand.

Tolleson is a very affordable place to live, with an average home price of $450,000. Besides being more affordable than downtown Phoenix, there are a variety of other benefits to living in Tolleson.

  •     Safety: In 2018, the crime rate in Tolleson was 835.04 per 100,000, making it a very safe place to live.
  •     Job market: Tolleson is home to JBS Packerland, which employees a large percentage of the city’s population at 1,150 employees.
  •     Location: Tolleson is only 26 minutes from downtown Phoenix, giving you access to all the activities the city has to offer without the cost.

Conclusion

They are rapidly expanding because they provide everything their residents require, including a strong infrastructure, parks, recreational facilities, new homes and apartments, and plenty of green space.

Also Read: Construction Projects In Islamabad.

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Discover

Sponsor

spot_imgspot_img

Latest

What Are Smart Contracts and How To Get One?

Now in the age of cryptocurrency, it is an excellent choice to know about smart contracts. Digital product engineering makes compliant and business protocol...

Hiring Dedicated Developers from Software Development Company

 What is a software development company? Programming improvement organizations configuration, create and keep up with applications, structures, or other programming parts for organizations or customers. To...

How can Startups Grow their Business in a Short Time?

Do you own a start-up? Or perhaps, planning to start one? Well, here’s a fun fact, every 3 seconds a new start-up is invented,...

Healthy Living and Health Benefits

Healthy Living: We often hear people reminding each other to adopt a healthy lifestyle. However, what exactly is healthy living? Usually, the things we imagine when...

Ideas to Add to Your Home That Are Made for You

Creating a home that is unique and personal to you can be challenging. We all want our homes to be as individual as we...