'Red-Hot' Arizona Has Three Cities Among Best Places to Buy a Family Home
SmartAsset knows ample space isn’t the only prerequisite when buying a family home. Their new findings measured data across the 100 largest cities in the U.S. in order to help buyers find the best places on the market for a family home. Arizona placed three cities in their top 10, including No. 1 overall Chandler.
From 2011 to 2015, the median home value in Chandler appreciated steadily at 45 percent. There was favorable housing inventory for family homes with over 91 percent of available homes offering two bedrooms or more. Housing costs as a percent of household income were tolerable at 19.6 percent and the property tax rate was .59 percent.
Gilbert took the No. 3 spot largely because of steady appreciation (an impressive 47 percent between 2011 and 2015) as well as housing inventory tailored to families with over 96 percent of homes available offering two or more bedrooms. With 20.1 percent of household income going toward housing costs and a .63 percent property tax rate, the city is still a hit for families.
Scottsdale earned the No. 8 spot thanks to a home appreciation increase of 27.25 percent between 2011 and 2015. Property taxes were relatively low at .55 percent, making this a great city for family-home purchasing. Possibly holding their ranking down was the fact that 33 percent of homeowners were housing-cost burdened, biting off a bit more than they could chew.
Though not far off the top 10 landing at No.12, Phoenix scored high with housing appreciation at 46 percent with 84 percent of home inventory offering two or more bedrooms.