Prices of owning and renting an apartment in Phoenix are rising tremendously as well as living cost in Phoenix. Phoenix is ideal for people who want to relocate to a place with milder winters or those who can work remotely. Despite the increase in the price of the apartments in Phoenix, the city is still among the least expensive places to rent or buy an apartment in Arizona.
A report shows that housing prices have gone up to 167% since 2012. Over the past year, the home value in Arizona has increased by over 28.8%.
Phoenix Housing Market Trend
Phoenix is the largest city in Arizona and is home to over four million people, according to the census report done in 2010. As the population increases, so does the need for housing. A report released in 2015 shows the cost of owning a single-family home has increased by 7%, while the price of owning a condominium has increased 12%.
However, the prices of renting and owning an apartment have gone up in recent years. The current average rent of an 804 sq. ft. apartment in Phoenix is around $1,330. Owning an apartment in Phoenix now will cost you approximately $390,000.
The average cost of living in Phoenix AZ
Is Phoenix, Arizona, expensive to live? Therefore This is a common question that people who want to relocate to Phoenix ask. Here is a guide about the average Living cost in Phoenix city, AZ.
1. Housing Costs. Arizona has affordable house rates compared to other States. The rent for an average 1-bedroom goes for about $1545 in Phoenix.
2. Transportation Costs. A report released by MIT shows that a person spends $4,900 annually on transportation costs. Transportation costs increase to around $13,317 for a family of four.
3. Healthcare Costs. You will likely spend $2,763 annually on healthcare costs. A family of four will spend around $7,455 on medical expenses.
4. Food costs. The average cost of food in Phoenix in a local restaurant is $69.00 for a three-course meal. You will likely spend $3,792 annually on your grocery bills.
5. Utilities. Utilities include water, gas, and electricity. You will spend around 4250.08 for utilities if you live in Phoenix city.
6. Fitness and Entertainment. If you want to include entertainment and fitness in your bills, you will spend $30.22 monthly.
Home Ownership in Phoenix, Is homeownership worth it?
Is homeownership worth it? It remains the question that most people find hard to answer. If you don’t want to keep paying rent, the best place to buy a home is in Phoenix. The city has a beautiful landscape, many job opportunities, magnificent weather, and affordable housing.
You can choose to buy an apartment in the city or its neighborhood. The best areas to purchase property since they are affordable are; Chandler, Florence, Colonial Cortina, Gilbert, Mesa, and Maricopa.
Living in Phoenix pros and cons
Just like any other city, living in Phoenix has its advantages and drawbacks. Here is everything you should know about living in Phoenix.
• There are many parks and trails you can go hiking.
• The climate there is enjoyable.
• Restaurants cook delicious Mexican food.
• The streets are well organized in a grid.
• Phoenix city is rich in culture.
• There is golfing galore.
• Summers in Phoenix are scorching.
• Frequent dust storms.
• The education system is not the best compared to other schools in other states.
Moving to the suburbs
The Phoenix area gets surrounded by pretty suburbs that you can relocate. Here are the best suburbs to live in the Phoenix area.
• Paradise Valley
• Litchfield Park
• Queen Creek
Selling a home in Phoenix
The process involved in selling a house in Phoenix can be very stressful. It will help if you get prepared to move out as well as complete the paperwork. If you want to sell your house quickly, you can use off-market buyers like the EZ Max offer. Using off-market buyers will be very helpful, especially if you’re facing foreclosure. Take precautions when selling your home through off-market buyers to avoid the “We buy houses” scams sent to you in the form of ads and through emails.
Moreover, using an off-market buyer will save you from renovating and repairs that will likely consume a lot of time. EZ Max offers homeowners fair prices for their homes even if they know many renovations need to get done.
Pros of selling your home to cash buyers
• You get an instant offer within the first three days.
• No service fees and closing costs.
• No renovations, decluttering, and repairs are needed.
• They buy the house regardless of bankruptcy and titles issues.
• Cash buyers are fast and don’t take weeks to close the deal.
Biggest house flipping mistakes
If you have decided to do house flipping, here are the mistakes that most people make, and you should avoid them at all costs.
• Failing to make a budget.
• Underestimating the cost of repairs.
• Taking a flip that needs too many major repairs.
• Not considering the surrounding area.
• Setting an unrealistic time frame.
• Hiring the wrong contractor.
• Skipping permits.
• Overlooking the easy fixes.
2021 Home Inspection Checklist
Before you sell your house in Phoenix, you need to prepare an inspection checklist. The inspection gets done before listing your home. Here is what you need to include in your home inspection checklist.
1. Check the area surrounding your home. The first thing is to ensure the outside of your home is in good condition.
2. Check the exterior of your home. Check whether there is roof damage, clogged gutters, and cracks along the walls.
3. Check the attics if they are infested with pests or have any insulation damage.
4. Check thoroughly if all the rooms have stains and cracks in their walls and roof. Moreover, check for broken vents and windows.
5. Check the bathroom and kitchen if there are any broken pipes, poor water pressure, damaged drawers and cabinets, broken exhaust fans, and anything that remains broken.
After performing the home inspection, you need to fix all issues, or if you don’t have time and money to do so, you can sell your home to off-market buyers.