When it comes to buying a home in Arizona, it’s important to consider how certain ZIP codes compare in home prices. A recent study by American Home Shield has revealed the most and least affordable ZIP codes in Arizona to help buyers know which neighborhoods offer the most budget-friendly properties.
Read on to discover which ZIP code in Arizona is best for buying a home within budget and which ZIP code would require buyers to step outside their budget the most.
To determine the most and least affordable ZIP codes in every state, American Home Shield ranked each U.S. ZIP code with over 10,000 residents according to its home price-to-household income ratio using data from Zillow and the U.S. Census. The ZIP code with the lowest ratio was ranked as the most affordable and the ZIP code with the highest ratio was ranked as the least affordable.
According to the rankings, Globe, Ariz. is home to the state’s most affordable ZIP code (85501), while Sedona, Ariz. is home to the state’s least affordable ZIP code (86336). Globe had a home price-to-household income of 3.6, meaning homes in Globe are only 3.6 times the city’s average income. On the other hand, Sedona’s home price-to-household income was 17.3, putting home prices significantly outside of the city’s average income.
In the U.S., Flint, Michigan offers the most affordable ZIP code overall. Flint’s ZIP code of 48505 is the best neighborhood for buyers to purchase a budget-friendly home in the country, as it is only 0.95 times the city’s median average income. Conversely, Beverly Hills, Calif. offers the least affordable ZIP code overall. The area’s 90210 ZIP code has the highest home price-to-household income in the country with homes costing 34.82 times the average income.
To read American Home Shield’s full report, click here.
